{
  "report_rows": [
    {
      "kpi": "Q2 2026 Adjusted EPS",
      "prediction": "MISS",
      "answer": "pred ~-$0.20 vs. cons -$0.13",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Total Revenue",
      "prediction": "MISS",
      "answer": "pred ~$9.10B vs. cons $9.24B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Streaming (HBO Max) Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$560M vs. cons $520M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EPS guidance/implied consensus path",
      "prediction": "LOWER",
      "answer": "guide ~-$1.20 vs. cons -$1.07 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Global Streaming Subscribers target, YE2026",
      "prediction": "BETTER",
      "answer": "guide ~155M vs. cons 150M (YE2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Studios Adjusted EBITDA, FY2026 (vs. 2025 'in-line' framing)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.9B vs. cons $3.0B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Free Cash Flow conversion range",
      "prediction": "UNCHANGED",
      "answer": "guide ~33%-50% vs. cons ~40% (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.7,
  "day5_path": "STABILIZE",
  "day5_rationale": "Headline EPS miss is driven almost entirely by recognizable, non-recurring deal-related cash costs (advisory fees, bridge financing interest, tax leakage) rather than core deterioration, and Streaming EBITDA beat plus reaffirmed 150M+ subscriber trajectory should reassure on the standalone story; but Studios guidance staying merely 'in-line' with 2025 caps upward estimate revisions, so out-period numbers don't move much either way. With deal-question moratorium on the call and the Paramount litigation/trial timeline (paused to June 2027, trial March 2027) remaining the dominant driver of price action, the stock should stabilize near its post-print level over the following days rather than extending a large idiosyncratic move, as trading reverts to being driven by antitrust-litigation headlines rather than the quarter's fundamentals.",
  "day5_confidence": "LOW"
}