{
  "report_rows": [
    {
      "kpi": "Total revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$6.89B vs. cons $6.87B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$0.99B vs. cons $0.95B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Paramount+ subscribers",
      "prediction": "BEAT",
      "answer": "pred ~79.4M vs. cons 79.0M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 total revenue",
      "prediction": "UNCHANGED",
      "answer": "guide ~$30.0B vs. cons $30.0B (FY26)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY26 adjusted EBITDA",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.8B vs. cons $3.8B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "WBD merger closing timing",
      "prediction": "LOWER",
      "answer": "guide ~2027-06 vs. cons 2026-09 (transaction closing period)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "A modest EBITDA and subscriber beat should initially reward the standalone operating trajectory, but unchanged FY26 revenue and EBITDA targets leave no out-period estimate upside. Confirmation that the WBD closing shifts from roughly 2026-09 toward 2027-06 extends financing, dilution, and integration uncertainty, likely pulling revisions and the residual return lower after the initial move.",
  "day5_confidence": "MEDIUM"
}