{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$0.40 vs. cons $0.39",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Yield, constant currency (Q2 2026)",
      "prediction": "MISS",
      "answer": "pred ~-4.0% vs. cons -3.6%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$640M vs. cons $630M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Net Yield (constant currency)",
      "prediction": "LOWER",
      "answer": "guide ~-8.0% vs. cons -6.5% (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted EBITDA",
      "prediction": "LOWER",
      "answer": "guide ~$2.50B vs. cons $2.56B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted EPS",
      "prediction": "LOWER",
      "answer": "guide ~$1.55 vs. cons $1.62 (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Year-end Net Leverage",
      "prediction": "UNCHANGED",
      "answer": "guide ~high-5x vs. cons ~5.7x (FY2026 year-end)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -4.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -7.5,
  "day5_path": "FADE",
  "day5_rationale": "Headline EPS/EBITDA likely clears the already-lowered Q2 bar (supporting a muted or even initially positive open), but the stock rallied hard into the print (from ~$14.79 to ~$20.85) pricing in stabilization; any confirmation that Q3 yields are tracking toward the high-single-digit-decline trough (as flagged last quarter) and that FY26 EBITDA/EPS guidance is being nudged toward the low end (or trimmed further) given persistent European/Middle East softness will trigger sell-side estimate cuts for FY26/FY27 out-periods even after a Q2 beat, mirroring the CCL pattern (EPS beat, stock fell 10%+ on weak Q3 guide) more than the RCL pattern (raised guide, stock rose). With marketing/revenue-management fixes explicitly framed as multi-quarter and green shoots not expected until 2027, analysts have little basis to raise numbers, so the initial negative reaction likely extends over the week as models are revised down and price targets stay capped in the low-to-mid $20s.",
  "day5_confidence": "MEDIUM"
}