{
  "report_rows": [
    {
      "kpi": "Q2 2026 Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.38 vs. cons $0.37",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$2.05B vs. cons $2.07B",
      "confidence": "LOW"
    },
    {
      "kpi": "Houston Electric firmly committed industrial load (GW)",
      "prediction": "BEAT",
      "answer": "pred ~13.5 GW vs. cons/prior 12.2 GW",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Non-GAAP EPS guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.90 (at least midpoint) vs. cons $1.90 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Long-term EPS growth algorithm",
      "prediction": "UNCHANGED",
      "answer": "guide ~8% (7-9%) vs. cons ~8% (through 2030)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Transmission study / incremental capex sizing",
      "prediction": "UNKNOWN",
      "answer": "guide ~$10B+ incremental vs. $65.5B base plan (2H2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Indiana \u22651.5 GW large-load contract",
      "prediction": "UNKNOWN",
      "answer": "guide ~$1B incremental capex vs. $0 in-plan (2027-2029)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "Base case is an EPS beat with a 'at least midpoint' reaffirm and a modest committed-load step-up \u2014 largely already priced after a +14% YTD run to 52-week highs (~$44). Out-period math is unfavorable: a Q2 beat against a reaffirmed FY range implicitly trims the 2H bar, so estimates drift flat-to-down rather than up. Absent a hard guide-up, quantified transmission capex, or a signed Indiana deal, the crowded/near-highs positioning skews toward sell-the-news and mean reversion over the following week.",
  "day5_confidence": "LOW"
}