{
  "report_rows": [
    {
      "kpi": "Net Flows \u2014 Total ($B)",
      "prediction": "BEAT",
      "answer": "pred ~-6.5B vs. cons ~-8.2B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Operating EPS ($)",
      "prediction": "BEAT",
      "answer": "pred ~2.65 vs. cons 2.52",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating Margin (%)",
      "prediction": "BEAT",
      "answer": "pred ~38.5% vs. cons 37.1%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adj. Opex (FY2026)",
      "prediction": "BETTER",
      "answer": "guide ~+3% to +5% vs. cons ~+4.5% midpoint",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Flows trajectory / Goldman launch (qualitative, Q3 2026)",
      "prediction": "BETTER",
      "answer": "improving trend confirmed, Goldman products on track for Q3 launch",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Capital deployment / buybacks (qualitative)",
      "prediction": "UNCHANGED",
      "answer": "slower pace at current price, no new authorization",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 short cover unwind + modest estimate revisions on narrowed expense guide; muted vs. prior beats due to stretched +14% pre-print excess run",
  "day5_confidence": "MEDIUM"
}