{
  "report_rows": [
    {
      "kpi": "Core EPS (Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$1.56 vs. cons $1.49",
      "confidence": "HIGH"
    },
    {
      "kpi": "Revenue (Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$11.5B vs. cons $11.2B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Core EBITDA (Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$730M vs. cons ~$700M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 core EPS guidance",
      "prediction": "BETTER",
      "answer": "guide ~$7.75-$8.00 (mid ~$7.88) vs. cons ~$7.78 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "H2 Advisory/capital-markets growth commentary (tough comps)",
      "prediction": "LOWER",
      "answer": "guide H2 Advisory decel to ~high-single/low-double-digit growth vs. cons ~mid-teens (H2 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Critical Infrastructure Services (BOE) growth",
      "prediction": "BETTER",
      "answer": "guide >60% growth (~$2.7B) vs. cons ~55% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Real Estate Investments SOP (H2/Q2, post Q1 pull-forward)",
      "prediction": "LOWER",
      "answer": "guide Q2 REI SOP ~$40-60M vs. cons ~$90M (Q2 2026); FY unchanged ~$300M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 buybacks (opportunistic into sub-$130 dip)",
      "prediction": "BETTER",
      "answer": "pred ~$400-600M repurchased vs. cons ~$250M (Q2 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "Another sizable EPS beat plus a likely FY raise should spark an initial pop, but the stock came in hot (+18% off the June low, +5% in the final 3 sessions to $147), lifting the bar and inviting sell-the-news. The out-period math is the swing: much of any raise is 'banking' the Q2 beat, while management-flagged H2 Advisory deceleration against tough comps, a lighter REI quarter (Q1 data-center land pull-forward), and the unresolved AI-disintermediation overhang push H2 estimates down even after the print. Net: day-1 gain largely given back as revisions to out-quarters are trimmed and the AI debate re-anchors sentiment.",
  "day5_confidence": "LOW"
}