{
  "report_rows": [
    {
      "kpi": "Adj. EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.40 vs. cons $0.38",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adj. EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$645M vs. cons $632M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Yield (CC) YoY",
      "prediction": "IN-LINE",
      "answer": "pred ~-3.4% vs. cons -3.6%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3'26 Net Yield (CC) guide",
      "prediction": "LOWER",
      "answer": "guide ~-8% vs. cons -7% (Q3'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Adj. EBITDA guide",
      "prediction": "LOWER",
      "answer": "guide ~$2.50B vs. cons $2.56B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Adj. EPS guide",
      "prediction": "LOWER",
      "answer": "guide ~$1.55 vs. cons $1.62 (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 fuel cost assumption",
      "prediction": "LOWER",
      "answer": "guide ~$820M vs. cons $800M (FY26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Q2 likely beats on cost, but the crux is the forward look: a 'significantly weaker' Q3 (Europe ~38% of deployment) guided to high-single-digit negative yields plus escalating US-Iran/fuel risk raises the odds of a second consecutive FY cut. Out-period math means implicit Q3/FY cuts pull estimates down even after a headline beat. With NCLH up ~13% into the print (7/23 $18.71 -> 7/29 $21.08) on RCL sympathy and a sector rally, the bar is high and there is no room for a soft guide, so initial weakness compounds as negative revisions flow through the next week.",
  "day5_confidence": "LOW"
}