Which engine drove the beat?
EPS quality waterfall: does the Q2 beat hold the ~21x forward P/E? Q2 beat reported sentiment lifts ~21x forward P/E EPS quality gate beat engine unconfirmed Operating leverage pro recovery comps Revenue reacceleration past ~2.5% TTM pace ~21x multiple supported forward P/E holds Buyback / cost-timing non-operating support 66% payout · D/E >300% little flexibility left Advance retraces multiple falls faster than EPS