{
  "report_rows": [
    {
      "kpi": "Room nights",
      "prediction": "BEAT",
      "answer": "pred ~324.0M vs. cons 320.4M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Gross bookings",
      "prediction": "BEAT",
      "answer": "pred ~$50.10B vs. cons $49.40B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$2.600B vs. cons $2.559B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Gross bookings (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide ~9-11% vs. cons $53.79B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide ~8.5-10.5% vs. cons $9.72B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~high-single-digit growth / ~$29.35B vs. cons $29.34B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EBITDA and margin (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~EBITDA slightly faster than revenue; 0-25 bps margin expansion vs. cons $10.89B",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -3.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 implied Q4 cut drives revisions",
  "day5_confidence": "LOW"
}