{
  "report_rows": [
    {
      "kpi": "Q2 2026 revenue",
      "prediction": "BEAT",
      "answer": "pred ~$10.82bn vs. cons $10.70bn",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$2.65bn vs. cons $2.60bn",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 adjusted EBITDA margin",
      "prediction": "IN-LINE",
      "answer": "pred ~24.5% vs. cons 24.3%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted EBITDA guidance",
      "prediction": "BETTER",
      "answer": "guide ~$8.35bn midpoint vs. cons $8.30bn (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Diluted EPS guidance",
      "prediction": "LOWER",
      "answer": "guide ~$5.88 midpoint vs. cons $5.96 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Pro forma net debt to adjusted EBITDA",
      "prediction": "UNCHANGED",
      "answer": "guide ~2.4x vs. cons 2.4x (pro forma FY2026, post-Arcosa)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.4,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.9,
  "day5_path": "FADE",
  "day5_rationale": "A modest operating beat and slightly improved FY2026 EBITDA midpoint support the initial reaction, but the implied EPS guide of ~$5.88 versus consensus $5.96, Arcosa financing costs and unchanged ~2.4x pro forma leverage limit upward revisions and cause part of the day-1 move to fade.",
  "day5_confidence": "MEDIUM"
}