{
  "report_rows": [
    {
      "kpi": "Total Segment Operating Income (FQ3'26)",
      "prediction": "BEAT",
      "answer": "pred ~$5.45B vs. cons ~$5.30B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS (FQ3'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.95 vs. cons ~$1.88",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Experiences Segment OI / domestic attendance inflection",
      "prediction": "IN-LINE",
      "answer": "pred Experiences OI ~$2.60B (attendance ~+1.5%) vs. cons ~$2.55B (attendance ~+0.5%)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 adjusted EPS growth (ex-53rd week)",
      "prediction": "UNCHANGED",
      "answer": "guide ~12% (reaffirm) vs. cons ~12% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 Sports segment OI (pre-announced headwind)",
      "prediction": "UNCHANGED",
      "answer": "guide ~-14% YoY (~$890M) vs. cons ~-14% (~$890M) (FQ3'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Entertainment SVOD full-year operating margin",
      "prediction": "BETTER",
      "answer": "guide ~10-11% vs. cons ~10% (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 share buyback pace",
      "prediction": "UNCHANGED",
      "answer": "guide ~$8B vs. cons ~$8B (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 4.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.0,
  "day5_path": "FADE",
  "day5_rationale": "Clean OI/EPS beat plus a domestic attendance turn off depressed sentiment and near-52-week-low positioning should spark a relief pop day 1. But with management disciplined and likely only reaffirming (not raising) the ~12% ex-53rd-week FY26 EPS guide, beating Q3 mechanically raises the implied Q4 bar (out-period math), while the Sports OI decline and FCC/ABC license overhang cap enthusiasm. Estimates drift only modestly higher, so part of the day-1 move fades over the week toward a still-positive but smaller residual, supported by the ~$8B buyback.",
  "day5_confidence": "LOW"
}