{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA (Q2 2026, consolidated)",
      "prediction": "BEAT",
      "answer": "pred ~$2.10B vs. cons ~$2.02B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted diluted EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.45 vs. cons ~$1.41",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "NGL raw feed throughput (Q2 2026, MBbl/d)",
      "prediction": "BEAT",
      "answer": "pred ~1,680 MBbl/d vs. cons ~1,625 MBbl/d",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EBITDA guidance midpoint",
      "prediction": "BETTER",
      "answer": "guide ~$8.35B vs. cons $8.25B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 diluted EPS guidance midpoint",
      "prediction": "BETTER",
      "answer": "guide ~$5.60 vs. cons $5.53 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 growth capex guidance midpoint",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.95B vs. cons $2.95B (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.3,
  "day5_path": "FADE",
  "day5_rationale": "A likely EPS/EBITDA beat plus a modest FY26 EBITDA/EPS guide raise should produce an initial positive pop, but the Q1 call already flagged that a chunk of the upside (Waha-Katy differentials, storm-related marketing gains) is transitory and set to normalize as H2 pipeline egress comes online \u2014 meaning even a clean beat leaves the Natural Gas Pipelines run-rate lower for 2H26/2027 models. With Morgan Stanley's multiyear-growth-conviction debate unresolved and no confirmed step-change in data-center pipeline contracting, sell-side analysts are likely to trim out-period (FY27) EBITDA/EPS estimates for the 'one-time' components even while nudging FY26 up, causing the initial pop to fade over the week as the market digests that the growth trajectory versus Targa/peers remains the same open question.",
  "day5_confidence": "LOW"
}