VMware (NYSE: VMW) 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 VMware's revenue will increase 21.0% and EPS will increase 20.0%.

The average estimate for revenue is $1.11 billion. On the bottom line, the average EPS estimate is $0.66.

Revenue details
Last quarter, VMware booked revenue of $1.06 billion. GAAP reported sales were 25% higher than the prior-year quarter's $843.7 million.

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 $0.66. GAAP EPS of $0.44 for Q1 were 52% higher than the prior-year quarter's $0.29 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 83.8%, 160 basis points better than the prior-year quarter. Operating margin was 20.6%, 240 basis points better than the prior-year quarter. Net margin was 18.1%, 320 basis points better than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $4.59 billion. The average EPS estimate is $2.70.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS. Among 486 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 440 give VMware a green thumbs-up, and 46 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on VMware is outperform, with an average price target of $109.10.

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