{
  "report_rows": [
    {
      "kpi": "Q2 2026 Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$3.63B vs. cons $3.58B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 GAAP/Adjusted EPS",
      "prediction": "MISS",
      "answer": "pred ~$1.18 vs. cons $1.23",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Gross Booking Value (GBV)",
      "prediction": "BEAT",
      "answer": "pred ~$26.7B vs. cons $26.4B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Revenue guidance (World Cup ramp)",
      "prediction": "BETTER",
      "answer": "guide ~$4.30B vs. cons $4.18B (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3 2026 Nights & Seats Booked growth",
      "prediction": "BETTER",
      "answer": "guide ~10-11% Y/Y vs. cons ~9% Y/Y (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 Adjusted EBITDA margin",
      "prediction": "UNCHANGED",
      "answer": "guide ~35% vs. cons ~35% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.8,
  "day5_path": "FADE",
  "day5_rationale": "Stock already ran hard into the print (52-week highs, PT hikes), so even a revenue/GBV beat is largely priced in, while the recurring EPS-miss pattern (heavy reinvestment/SBC) and the fact that the true World Cup P&L benefit shifts into Q3 guidance rather than Q2 actuals leaves little immediate upside catalyst; as sell-side models tougher 2H comps (RNPL anniversary, Middle East drag) into out-quarters, estimate revisions likely trim post-print, fading an initial pop.",
  "day5_confidence": "MEDIUM"
}