{
  "report_rows": [
    {
      "kpi": "Advertising Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$700M vs. cons $666M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating Margin (Q2 2026)",
      "prediction": "MISS",
      "answer": "pred ~32.5% vs. cons 32.81%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Subscriber Adds (Q2 2026)",
      "prediction": "MISS",
      "answer": "pred ~3.5M vs. cons 3.93M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Revenue",
      "prediction": "BETTER",
      "answer": "guide ~$11.8B vs. cons $11.53B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Operating Margin",
      "prediction": "LOWER",
      "answer": "guide ~29.5% vs. cons 32.8%",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY 2026 Revenue",
      "prediction": "UNCHANGED",
      "answer": "maintain $50.7B-$51.7B vs. cons $51.33B",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY 2026 Operating Margin",
      "prediction": "LOWER",
      "answer": "maintain 31.5% vs. cons 31.71%",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -3.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -5.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 Q3 margin guide forces sell-side estimate cuts; residual continues negative over 5 days as models update",
  "day5_confidence": "MEDIUM"
}