{
  "report_rows": [
    {
      "kpi": "AFFO per share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.00 vs. cons $2.96",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Site-leasing revenue (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$661M vs. cons $658M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$706M vs. cons $703M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 AFFO/share guidance (raise vs. prior $11.93\u201312.38 midpoint $12.16)",
      "prediction": "BETTER",
      "answer": "guide midpoint ~$12.25 vs. cons ~$12.16 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 site-leasing revenue guidance (FX tailwind)",
      "prediction": "BETTER",
      "answer": "guide midpoint ~$2,675M vs. cons ~$2,662M (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 net cash interest expense (post $3.5B IG refi at 4.875\u20135.45%)",
      "prediction": "UNKNOWN",
      "answer": "guide ~$498M vs. prior/cons ~$495M (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 Adjusted EBITDA guidance",
      "prediction": "BETTER",
      "answer": "guide midpoint ~$1,940M vs. cons ~$1,931M (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "Low bar (stock -21% YoY, -16% since Q1) plus SBAC's habit of small AFFO beats and a modest FX-aided guide raise should produce a mild day-1 pop. But the out-period math is negative: domestic Sprint/EchoStar churn keeps domestic site-leasing declining, the just-closed ~5% unsecured IG refinancing lifts interest expense, and AFFO/share is still down YoY \u2014 so estimate revisions drift lower and the initial pop fades back toward flat as the quality-of-guidance debate reasserts.",
  "day5_confidence": "LOW"
}