{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (2Q26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.99 vs. cons ~$1.85",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total Operating Revenue (2Q26)",
      "prediction": "BEAT",
      "answer": "pred ~$17.67B vs. cons ~$17.45B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "CASM-ex / Unit Cost (2Q26)",
      "prediction": "MISS",
      "answer": "pred ~13.12\u00a2 vs. cons ~12.95\u00a2",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Adjusted EPS Guidance",
      "prediction": "LOWER",
      "answer": "guide ~$3.00 midpoint vs. cons ~$3.62 (Q3 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Adjusted EPS Guidance",
      "prediction": "LOWER",
      "answer": "guide ~$10.00 midpoint vs. cons ~$10.50 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Fuel Cost Recovery Pace / Pricing Power Commentary",
      "prediction": "UNKNOWN",
      "answer": "guide ~80-90% Q3 / 100% Q4 recovery vs. cons ~unclear prior assumption (Q3-Q4 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.5,
  "day5_path": "FADE",
  "day5_rationale": "The EPS beat is being overshadowed by a Q3 guide that sits ~17% below prior consensus at the midpoint and an FY26 midpoint still ~5% under pre-print Street; even though management framed the fuel assumption as conservative ('would beat if fuel reverts to early-July levels'), sell-side models typically anchor to the explicit range first and only lift numbers later if oil actually cooperates. Expect consensus Q3/FY26 EPS to be cut over the following days as analysts update models to the new guide, creating a drag that outweighs the initial beat-driven pop, consistent with a 'sell the cautious guide despite the beat' pattern seen elsewhere in the sector this cycle (though Delta's read-through and any near-term de-escalation in the Strait of Hormuz could soften the fade).",
  "day5_confidence": "MEDIUM"
}