McDonald's (NYSE: MCD) is expected to report Q2 earnings on July 23. 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 McDonald's revenues will increase 0.8% and EPS will grow 2.2%.

The average estimate for revenue is $6.96 billion. On the bottom line, the average EPS estimate is $1.38.

Revenue details
Last quarter, McDonald's logged revenue of $6.55 billion. GAAP reported sales were 7.1% higher than the prior-year quarter's $6.11 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, EPS came in at $1.23. GAAP EPS of $1.23 for Q1 were 7.0% higher than the prior-year quarter's $1.15 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 38.5%, 20 basis points better than the prior-year quarter. Operating margin was 29.4%, 30 basis points better than the prior-year quarter. Net margin was 19.3%, 50 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $27.93 billion. The average EPS estimate is $5.58.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 5,742 members rating the stock outperform, and 284 members rating it underperform. Among 1,512 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,463 give McDonald's a green thumbs-up, and 49 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on McDonald's is outperform, with an average price target of $107.30.

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