{
  "report_rows": [
    {
      "kpi": "Room nights",
      "prediction": "IN-LINE",
      "answer": "pred ~318M vs. cons 317M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Gross bookings",
      "prediction": "IN-LINE",
      "answer": "pred ~$49.3B vs. cons $49.0B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$2.61B vs. cons $2.55B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "3Q26 room-night growth",
      "prediction": "LOWER",
      "answer": "guide ~1%\u20133% vs. cons 4.5% (3Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "3Q26 gross-bookings growth",
      "prediction": "LOWER",
      "answer": "guide ~3%\u20135% vs. cons 7.0% (3Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "3Q26 revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~3%\u20135% vs. cons 6.5% (3Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "3Q26 adjusted EBITDA",
      "prediction": "LOWER",
      "answer": "guide ~$3.86B\u2013$3.94B vs. cons $4.05B (3Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 adjusted EPS",
      "prediction": "LOWER",
      "answer": "guide ~$8.65\u2013$8.95 vs. cons $9.15 (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -10.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest 2Q26 EBITDA beat (~$2.61B vs. ~$2.55B) is outweighed by a 3Q26 EBITDA guide (~$3.90B midpoint vs. $4.05B consensus) and FY26 adjusted-EPS reset (~$8.80 midpoint vs. $9.15 consensus); out-period estimate cuts should continue after an initial ~-8.0% residual reaction toward ~-10.5% over five days.",
  "day5_confidence": "MEDIUM"
}