{
  "report_rows": [
    {
      "kpi": "Total revenue",
      "prediction": "MISS",
      "answer": "pred ~$9.20B vs. cons $9.33B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "MISS",
      "answer": "pred ~$1.82B vs. cons $1.90B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Free cash flow",
      "prediction": "MISS",
      "answer": "pred ~$0.60B vs. cons $0.72B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Global Streaming subscribers, year-end target",
      "prediction": "UNCHANGED",
      "answer": "guide ~>150M vs. cons 151M (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Underlying free-cash-flow conversion",
      "prediction": "UNCHANGED",
      "answer": "guide ~42% vs. cons 41% (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3 Adjusted EBITDA outlook / linear-networks commentary",
      "prediction": "LOWER",
      "answer": "guide ~$1.95B vs. cons $2.06B (Q3 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A ~$0.08B EBITDA miss versus consensus and ~$0.12B FCF miss would reinforce weaker second-half linear-network and cash-conversion math; unchanged >150M streaming-subscriber framing is insufficient to offset likely FY2026/FY2027 estimate cuts.",
  "day5_confidence": "MEDIUM"
}