{
  "report_rows": [
    {
      "kpi": "Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.50 vs. cons $1.46",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$2.11B vs. cons $2.08B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Natural Gas Pipelines adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$0.36B vs. cons $0.35B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "2026 adjusted EBITDA guidance",
      "prediction": "LOWER",
      "answer": "guide ~$8.25B vs. cons $8.33B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "2026 diluted EPS guidance",
      "prediction": "LOWER",
      "answer": "guide ~$5.53 vs. cons $5.64 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2026 capital-expenditure guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.95B vs. cons $2.95B (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Day-1 residual ~+1.5% vs. 0.0% baseline; 5-day residual ~+0.5% vs. 0.0% baseline. A modest EBITDA/EPS beat should initially reward sustained Waha-to-Katy optimization and broad volumes, but unchanged $8.25B FY2026 EBITDA guidance versus ~$8.33B consensus leaves out-period estimates vulnerable as investors continue to discount temporary spread earnings and normalize second-half pipeline optimization.",
  "day5_confidence": "MEDIUM"
}