{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$4.05 vs. cons $3.96",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Yields, Constant Currency (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~0.8% vs. cons/guide ~0.2%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$4.86B vs. cons $4.82B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EPS Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$17.45 vs. cons $17.30 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Net Yield Growth Guidance",
      "prediction": "BETTER",
      "answer": "guide ~1.5% vs. cons ~1.0% (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 NCC ex-Fuel Constant Currency Guidance",
      "prediction": "BETTER",
      "answer": "guide ~flat (0.0%) vs. cons ~0.3% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Q2 print should confirm the flagged EPS/yield beat and 'turned the corner' Mediterranean narrative already well-telegraphed by management and corroborated by Carnival's Q2 (which itself sold off -4.9% on report day despite similar reassuring commentary, showing sector 'sell-the-news' risk). RCL rallied ~8% into the print (283\u2192305 in the week prior), pricing in much of the good news. Even with a beat and FY guide reaffirmation, lingering ~200bps Q3 yield/cost headwinds (dry docks, geopolitical comps) mean out-period estimate revisions for Q3 stay soft, capping follow-through and pulling back part of the initial pop over the week.",
  "day5_confidence": "MEDIUM"
}