{
  "report_rows": [
    {
      "kpi": "Q2 2026 revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$6.92B vs. cons $6.88B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$0.98B vs. cons $0.95B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Paramount+ subscribers",
      "prediction": "IN-LINE",
      "answer": "pred ~79.7M vs. cons 79.5M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 revenue guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$30.0B vs. cons $30.0B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 adjusted EBITDA guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.80B vs. cons $3.80B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 transformation costs",
      "prediction": "UNCHANGED",
      "answer": "guide ~$0.80B vs. cons $0.80B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "WBD transaction closing timing",
      "prediction": "UNKNOWN",
      "answer": "guide ~Q2 2027 vs. cons Q2 2027 (transaction close)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.9,
  "day5_path": "FADE",
  "day5_rationale": "A modest EBITDA beat can drive an initial relief rally, but unchanged $30.0B revenue and $3.80B EBITDA guidance implies limited upward estimate revisions. The required second-half execution, heavier content expense, weak cash conversion and unresolved WBD timing should pull the five-day residual back toward +0.9% after a +2.8% day-one move.",
  "day5_confidence": "MEDIUM"
}