{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.88 vs. cons $1.833",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net revenue less transaction-based expenses",
      "prediction": "BEAT",
      "answer": "pred ~$2.65B vs. cons $2.621B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total F&O ADV",
      "prediction": "BEAT",
      "answer": "pred ~10.25M vs. cons 10.00M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 adjusted operating expense",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.030\u2013$1.040B vs. cons $1.032B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 adjusted operating expense",
      "prediction": "BETTER",
      "answer": "guide $4.075\u2013$4.140B vs. cons $4.160B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 FIDS recurring growth",
      "prediction": "UNCHANGED",
      "answer": "guide mid-single-digit, high-end trend vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 mortgage technology growth",
      "prediction": "UNCHANGED",
      "answer": "guide low-to-mid-single-digit vs. cons UNVERIFIED",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -2.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 high setup and no assumed FY revenue raise",
  "day5_confidence": "LOW"
}