{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q4 FY26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.42 vs. cons $1.34",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total Revenue (Q4 FY26)",
      "prediction": "BEAT",
      "answer": "pred ~$3.72B vs. cons $3.6B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA (Q4 FY26 / FY26 record)",
      "prediction": "BEAT",
      "answer": "pred ~$955M vs. cons ~$913M (implied FY26 record ~$3.67B)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Post-Roku net leverage / deleveraging path",
      "prediction": "LOWER",
      "answer": "guide ~2.8x net debt/EBITDA vs. cons ~2.5x expectation (pro-forma at close 1H CY27)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Buyback trajectory ($12B authorization)",
      "prediction": "LOWER",
      "answer": "guide ~$0-0.5B/qtr near-term pace vs. cons ~$0.5B run-rate (FY27, effective pause into Roku close)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fox One subscribers / World Cup cohort retention",
      "prediction": "BETTER",
      "answer": "guide ~3M+ subs with churn below plan vs. cons ~2.5M sticky (FY27 exit)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY27 political advertising market",
      "prediction": "BETTER",
      "answer": "guide ~$11B TAM, Fox over-indexed vs. cons ~$9-10B (midterm cycle, autumn FY27)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "Core beat (EPS/revenue/record EBITDA on World Cup) drives an initial relief pop, but the print is dominated by the Roku overhang: ~2.8x pro-forma leverage, ~27% dilution, and an effective buyback pause pull out-period per-share estimates and the capital-return thesis lower even after a headline beat. Regulatory/antitrust noise (Warren/DOJ) caps upside, so the day-1 gain fades back toward flat over the week as revisions reset the sum-of-parts.",
  "day5_confidence": "LOW"
}