{
  "report_rows": [
    {
      "kpi": "Q2 adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.99 vs. cons $1.85",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2 operating revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$17.67B vs. cons $17.62B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2 CASM-ex",
      "prediction": "IN-LINE",
      "answer": "pred ~13.12\u00a2 vs. cons 13.01\u00a2",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 adjusted EPS",
      "prediction": "LOWER",
      "answer": "guide ~$3.00 vs. cons $3.62 (Q3 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Full-year adjusted EPS",
      "prediction": "LOWER",
      "answer": "guide ~$10.00 vs. cons $10.50 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "TRASM growth",
      "prediction": "BETTER",
      "answer": "guide ~12.5% vs. cons 11.0% (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Implied Q4 adjusted EPS",
      "prediction": "BETTER",
      "answer": "guide ~$3.82 vs. cons $3.70 (Q4 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -3.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "The Q3 midpoint of $3.00 vs. $3.62 consensus and FY2026 midpoint of $10.00 vs. $10.50 should trigger near-term estimate cuts despite the Q2 beat. However, the implied Q4 EPS of about $3.82 vs. $3.70 consensus and TRASM guidance near 12.5% vs. 11.0% support a partial recovery after the initial selloff.",
  "day5_confidence": "MEDIUM"
}