{
  "report_rows": [
    {
      "kpi": "Q2 2026 currency-neutral systemwide RevPAR growth",
      "prediction": "BEAT",
      "answer": "pred ~2.7% vs. cons 2.5%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 adjusted EBITDA",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.040B vs. cons $1.030B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.28 vs. cons $2.25",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 adjusted EBITDA",
      "prediction": "LOWER",
      "answer": "guide ~$1.08B midpoint vs. cons $1.10B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Currency-neutral systemwide RevPAR growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~2.5% midpoint vs. cons 2.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.05B midpoint vs. cons $4.05B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BETTER",
      "answer": "guide ~$8.98 midpoint vs. cons $8.92 (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A ~$1.040B Q2 result versus $1.030B consensus is offset by Q3 guidance near $1.08B versus $1.10B consensus. FY2026 EBITDA near $4.05B versus $4.05B consensus implies only ~$2.109B of second-half EBITDA versus the pre-report consensus math of roughly $2.119B, prompting modest out-period estimate cuts despite the EPS beat.",
  "day5_confidence": "MEDIUM"
}