{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$0.62 vs. cons ~$0.50",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "RASM y/y (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~+18.5% vs. cons ~+17.5%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "CASM-X y/y (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~+3.2% vs. cons ~+3.75%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Adjusted EPS (reinstatement)",
      "prediction": "UNKNOWN",
      "answer": "guide reinstate ~$3.50-4.00 vs. cons ~$3.80 (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3'26 Adjusted EPS guide",
      "prediction": "BETTER",
      "answer": "guide ~$0.55 vs. cons ~$0.48 (Q3'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3'26 RASM y/y (full run-rate)",
      "prediction": "BETTER",
      "answer": "guide ~+8% vs. cons ~+6% (Q3'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 capacity / H2 ASMs",
      "prediction": "UNCHANGED",
      "answer": "guide ~+2% FY / ~+3% H2 vs. cons ~+2% (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "Fundamentally strong (fuel below the $4.10-4.15 guide, industry-leading RASM, structural CASM-X beat) likely drives a modest day-1 pop, but the setup is a sell-the-news: peers that beat (DAL faded ~$92->$85, UAL ~$136->$118 through July) all rolled over, and LUV already round-tripped to ~$48.7 with fuel relief priced in. Out-period math is the drag \u2014 implied H2 capacity growth near ~3% into a 'supermajors/capacity-discipline' narrative, plus initiative benefits lapping toward full run-rate, pulls forward estimates and sentiment lower even after a headline beat; a continued FY26 guide punt would accelerate the fade.",
  "day5_confidence": "MEDIUM"
}