Xerox (NYSE: XRX) is expected to report Q2 earnings on July 20. 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 Xerox's revenues will compress -4.8% and EPS will wane -3.7%.

The average estimate for revenue is $5.35 billion. On the bottom line, the average EPS estimate is $0.26.

Revenue details
 Last quarter, Xerox booked revenue of $5.50 billion. GAAP reported sales were 0.7% higher than the prior-year quarter's $5.47 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 $0.23. GAAP EPS of $0.19 were the same as the prior-year quarter.

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 31.0%, 200 basis points worse than the prior-year quarter. Operating margin was 7.0%, 60 basis points worse than the prior-year quarter. Net margin was 4.9%, 20 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $22.81 billion. The average EPS estimate is $1.11.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 545 members out of 621 rating the stock outperform, and 76 members rating it underperform. Among 140 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 125 give Xerox a green thumbs-up, and 15 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Xerox is outperform, with an average price target of $9.11.

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