{
  "report_rows": [
    {
      "kpi": "Operating (non-GAAP) EPS \u2013 Q2 2026",
      "prediction": "BEAT",
      "answer": "pred ~$0.80 vs. cons $0.78",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "GAAP/Reported EPS \u2013 Q2 2026",
      "prediction": "MISS",
      "answer": "pred ~$0.68 vs. cons $0.74",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Operating Revenue \u2013 Q2 2026",
      "prediction": "IN-LINE",
      "answer": "pred ~$4.08B vs. cons $4.06B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Operating EPS guidance (midpoint)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.57 vs. cons $3.57 (FY2026; range $3.45-$3.69 reaffirmed)",
      "confidence": "HIGH"
    },
    {
      "kpi": "CVOW total project budget/in-service schedule",
      "prediction": "UNCHANGED",
      "answer": "guide ~$11.4B vs. cons $11.4B (FY2026-2027; majority of turbines in service by YE2026, balance by mid-2027)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "NEE merger closing timeline / special shareholder meetings",
      "prediction": "UNCHANGED",
      "answer": "guide ~2027H2 vs. cons 2027H2 (deal close target; special meetings early Sept 2026 reaffirmed)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FFO-to-debt credit metric",
      "prediction": "UNCHANGED",
      "answer": "guide ~15%+ vs. cons 15% (FY2026 target; above Moody's/S&P downgrade threshold)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 0.3,
  "day1_confidence": "LOW",
  "day5_residual_pct": 0.2,
  "day5_path": "STABILIZE",
  "day5_rationale": "D's post-announcement beta to SPX is near zero/negative (-0.23) while correlation to NEE is 0.91 \u2014 the stock now trades as a fixed-ratio merger-arb instrument (~3% discount to implied deal value of ~$72) rather than on standalone fundamentals. A modest operating-EPS beat with FY26 guidance, CVOW budget/schedule and merger-timeline (Sept 2026 votes, H2 2027 close) all reaffirmed removes incremental deal-risk but doesn't re-rate the arb spread, since the exchange ratio is fixed; a possible GAAP-EPS miss (Zacks ESP -5.4%, estimates cut ~10% over 60 days, likely merger transaction/financing costs) could spook headline-driven flows on day 1, but with no new regulatory information the spread should stabilize near its pre-print level within a few sessions rather than trending further, as forward EPS revisions get netted against Dominion's already-embedded 'certainty equivalent' merger valuation.",
  "day5_confidence": "LOW"
}