{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS (fiscal Q3, Apr\u2013Jun 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.30 vs. cons ~$1.24",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Pipeline & Storage (APT) segment net income / Waha through-system spread contribution",
      "prediction": "BEAT",
      "answer": "pred ~$0.10 YoY H2 run-rate tracking high end vs. cons ~$0.08",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Consolidated revenue (fiscal Q3)",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.03B vs. cons ~$1.01B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted EPS guidance",
      "prediction": "BETTER",
      "answer": "guide ~$8.50\u2013$8.60 (raise/narrow to high end) vs. cons ~$8.49 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "APT through-system H2 contribution (Waha/Permian spreads)",
      "prediction": "BETTER",
      "answer": "guide ~$0.10\u2013$0.14 vs. prior/cons ~$0.08\u2013$0.12 (H2 FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2027 base / long-term EPS growth algorithm",
      "prediction": "UNCHANGED",
      "answer": "reaffirm 6\u20138% off ~$8.45 base vs. cons ~7% (FY2027)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 capital expenditure plan",
      "prediction": "UNCHANGED",
      "answer": "reaffirm ~$4.2B vs. cons ~$4.2B (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 1.3,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "A modest Q3 beat plus a high-end guidance narrowing on strong summer Waha spreads supports a small positive day-1 residual for this beaten-down, low-beta defensive name. Over 5 days the pop largely stabilizes: because management frames H2 as 'evenly by quarter,' a Q3 beat mechanically pulls implied Q4 estimates lower unless the full-year is raised, capping follow-through. Net FY26/FY27 revisions are only modestly higher (higher Waha base offset by out-period math and 'clean rebase, no further rebasing' framing), so gains hold but don't compound.",
  "day5_confidence": "MEDIUM"
}