{
  "report_rows": [
    {
      "kpi": "2Q26 net revenue",
      "prediction": "BEAT",
      "answer": "pred ~$9.18B vs. cons $9.07B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2Q26 adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.88 vs. cons $4.77",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2Q26 VAS currency-neutral revenue growth",
      "prediction": "BEAT",
      "answer": "pred ~19% vs. cons 17%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 currency-neutral net-revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~11.5% vs. cons 12.0% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 adjusted operating-expense growth, currency-neutral",
      "prediction": "UNCHANGED",
      "answer": "guide ~11.0% vs. cons 11.0% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2H26 cross-border-travel recovery assumption",
      "prediction": "LOWER",
      "answer": "guide ~6% growth vs. cons 9% growth (2H26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A ~2% EPS beat and ~1% revenue beat are likely outweighed by ~50 bps of implicit FY26 revenue-growth de-risking: July geopolitical/travel conditions weaken the assumed 2H cross-border recovery, pulling FY26 and FY27 revenue/EPS estimates lower despite strong VAS. Pred ~11.5% FY26 revenue growth vs. cons 12.0%; pred ~$20.40 FY26 EPS vs. cons ~$20.75.",
  "day5_confidence": "MEDIUM"
}