Southwest Airlines (NYSE: LUV) is expected to report Q2 earnings on July 19. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Southwest Airlines' revenues will improve 10.6% and EPS will improve 113.3%.

The average estimate for revenue is $4.57 billion. On the bottom line, the average EPS estimate is $0.32.

Revenue details
Last quarter, Southwest Airlines tallied revenue of $3.99 billion. GAAP reported sales were 29% higher than the prior-year quarter's $3.10 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at -$0.02. GAAP EPS of $0.13 for Q1 were much higher than the prior-year quarter's $0.01 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 18.2%, 320 basis points worse than the prior-year quarter. Operating margin was 0.9%, 330 basis points worse than the prior-year quarter. Net margin was 2.5%, 230 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $17.34 billion. The average EPS estimate is $0.81.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 1,514 members out of 1,768 rating the stock outperform, and 254 members rating it underperform. Among 353 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 301 give Southwest Airlines a green thumbs-up, and 52 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Southwest Airlines is outperform, with an average price target of $11.46.