{
  "report_rows": [],
  "guide_rows": [
    {
      "kpi": "Q3 2026 adjusted EPS (guide)",
      "prediction": "LOWER",
      "answer": "guide ~00 midpoint vs. cons ~$3.62 (Q3 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 adjusted EPS",
      "prediction": "LOWER",
      "answer": "guide ~$10.00 midpoint ($9-$11) vs. cons ~$10.50 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "H q3/Q4 TRASM (unit-revenue) trajectory",
      "prediction": "BETTER",
      "answer": "guide TRASM accel to >+12.1% vs. cons ~+10% (Q3/Q4 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fuel-cost recapture cadence",
      "prediction": "BETTER",
      "answer": "guide ~80-90% Q3 & 100% Q4 vs. prior ~70-80% & 85-100% (H2 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Q2 was a clean beat ($1.99 vs $1.85) with strong TRASM +12.1% and no demand elasticity, but the out-period math is negative: Q3 guide midpoint ~$3.00 sits ~17% below the Street's ~$3.62 and the raised FY midpoint of $10.00 is still below ~$10.50 consensus, driven by a ~$575M/$1.12 EPS early-July fuel spike. Sell-side cuts Q3/FY estimates even after the beat, pressuring the stock; the 'above high end if fuel normalizes' caveat and accelerating RASM cap downside but do not offset the near-term EPS reductions, so initial weakness follows through over the week. Fuel-price volatility is the swing factor.",
  "day5_confidence": "LOW"
}