{
  "report_rows": [
    {
      "kpi": "EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.39 vs. cons $1.34",
      "confidence": "HIGH"
    },
    {
      "kpi": "Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.03B vs. cons $1.04B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Distribution throughput volumes",
      "prediction": "IN-LINE",
      "answer": "pred ~77,500 MMcf vs. cons 78,000 MMcf",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 full-year EPS guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$8.45 (mid of $8.40-$8.50) vs. cons $8.46 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "H2 FY26 incremental APT/Waha spread-capture EPS benefit",
      "prediction": "LOWER",
      "answer": "guide ~$0.04-0.06 vs. prior guided $0.08-0.12 (H2 FY2026, i.e. Q3+Q4)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY27 EPS growth off rebased FY26 (long-term algorithm reiteration)",
      "prediction": "UNCHANGED",
      "answer": "guide ~6-8% vs. street ~7% consensus growth (FY2027)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Q3 (Apr-Jun) still captured much of the wide Waha discount before GCX-driven narrowing accelerated in June, so a headline EPS beat and reaffirmed $8.40-$8.50 FY26 guide should spark a relief rally given the stock's ~9-10% pullback into the print. But because the $0.08-0.12 H2 Waha tailwind was explicitly flagged as at risk and independent data show the basis has now compressed sharply (and even flipped positive in July), sell-side models will likely trim Q4 and FY27 out-period estimates for APT through-system margin even as they mark Q3 as a beat. That implicit cut to the run-rate embedded in FY27 numbers (the 6-8% growth algorithm now anchored to a higher, partly non-repeatable base) should cause analysts to temper enthusiasm over the following days, fading the initial pop rather than extending it \u2014 consistent with a 'beat now, cut later' revision pattern common in unsustainable-tailwind utility prints.",
  "day5_confidence": "MEDIUM"
}