{
  "report_rows": [
    {
      "kpi": "Total Revenue (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$6.86B vs. cons $6.88B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$0.98B vs. cons $0.95B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$0.18 vs. cons $0.15",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$30.0B vs. cons $29.9B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted EBITDA guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.8B vs. cons $3.75B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 Revenue outlook (implied, incl. tough political-ad comp offset)",
      "prediction": "LOWER",
      "answer": "guide ~$7.15B vs. cons $7.25B (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "WBD deal timeline / ticking fee commentary",
      "prediction": "UNKNOWN",
      "answer": "guide ~no firm close date (targeting resolution by mid/late 2027) vs. cons prior Q3'26 target (deal timeline)",
      "confidence": "LOW"
    },
    {
      "kpi": "Paramount+ subscribers (Q2'26, ex hard-bundle exits)",
      "prediction": "UNCHANGED",
      "answer": "guide ~flat QoQ (~+1.5M ex-bundle exits) vs. cons flat-to-slightly-up (Q2 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "LOW",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "An in-line-to-modest-beat quarter with reaffirmed FY26 guidance likely sparks a short relief rally given how depressed sentiment is on deal-litigation risk, but management's historical refusal to give concrete WBD deal/ticking-fee/trial-timeline color means the dominant overhang (frozen merger, growing ~$650M/quarter ticking fee, elevated pro forma leverage, S&P/Fitch negative watch) remains unresolved. Reaffirmed FY26 targets also imply a steep H2 acceleration in EBITDA/margin that raises out-period execution risk, so sell-side is likely to trim or hold estimates flat rather than raise them, and headline-driven WBD litigation news flow (trial scheduling, settlement talk, CNN divestiture speculation) will likely dominate price action within the week, fading the initial print-driven bounce.",
  "day5_confidence": "LOW"
}