{
  "report_rows": [
    {
      "kpi": "Adjusted operating EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.56 vs. cons $2.52",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating net revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.940B vs. cons $1.930B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net client flows",
      "prediction": "BEAT",
      "answer": "pred ~-$6.5B vs. cons -$8.23B",
      "confidence": "HIGH"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 adjusted operating expense",
      "prediction": "BETTER",
      "answer": "guide maintain up 3%-6% over 2025's $4.6B vs. FY consensus $4.889B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Flow / active-equity commentary",
      "prediction": "UNCHANGED",
      "answer": "guide continued equity pressure but stabilization vs. UNVERIFIED numerical benchmark",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 modest estimate durability",
  "day5_confidence": "MEDIUM"
}