{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$3.60 vs. cons $3.44",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total net revenue",
      "prediction": "BEAT",
      "answer": "pred ~$725M vs. cons $710M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Index options net revenue (SPX/VIX engine, ADV ~4.7M vs ~4.4M)",
      "prediction": "BEAT",
      "answer": "pred ~$430M vs. cons ~$415M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 organic net revenue growth guide",
      "prediction": "BETTER",
      "answer": "guide ~13-15% vs. cons ~12-13% (FY2026 organic net rev growth) \u2014 second raise off 'low-double-digit to mid-teens'",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 adjusted operating expense guide",
      "prediction": "BETTER",
      "answer": "guide ~$832-848M vs. cons ~$845M (FY2026 adj. opex) \u2014 realignment savings, likely trimmed again",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Data Vantage organic growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~low-double-digit ~11-12% vs. cons ~11% (FY2026 Data Vantage) \u2014 one-timers normalize",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3 quarterly dividend",
      "prediction": "BETTER",
      "answer": "guide ~$0.78 vs. cons ~$0.76 (Q3 2026 dividend, up from $0.72) \u2014 annual Q3 hike",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Beat + likely second guidance raise + dividend hike drives an initial positive pop, but the quarter's strength is largely volatility-driven (Iran conflict/June selloff) and hard to extrapolate; with July tape calmer and tougher 2H comps, out-quarter (Q3) estimates get little upward revision \u2014 the implicit out-period math plus a premium valuation and elevated positioning (stock ran from ~$246 to $307 into the print) pull the initial gain back partway over the following week.",
  "day5_confidence": "LOW"
}