{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.72 vs. cons $0.67",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net long-term organic inflows (Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$36B vs. cons $27B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net revenue yield (bps)",
      "prediction": "MISS",
      "answer": "pred ~22.5bps vs. cons 22.8bps",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 operating expense guidance",
      "prediction": "LOWER",
      "answer": "guide ~$3.35B vs. cons $3.29B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total payout ratio (dividends+buybacks)",
      "prediction": "BETTER",
      "answer": "guide ~60% vs. cons ~57% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net revenue yield trajectory (2H26 outlook)",
      "prediction": "LOWER",
      "answer": "guide ~22.5bps vs. cons 22.8bps (2H2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.2,
  "day5_path": "FADE",
  "day5_rationale": "Stock rallied ~16% in the month into the print and sits near its average sell-side target with beat-odds already priced in (Zacks flagged elevated beat probability); the mechanical QQQ AUM step-up means headline EPS/revenue growth surprises little on a like-for-like basis, while net revenue yield continues to erode on ETF/China mix shift and the FY26 expense guide likely creeps up from $3.275B given higher AUM-linked comp \u2014 none of which meaningfully raises out-year (2027) estimate revisions. With valuation already stretched after an ~86% 12-month run, the setup favors profit-taking/de-rating over the following days rather than continued follow-through, even if the print itself is a modest EPS beat.",
  "day5_confidence": "MEDIUM"
}