BP (NYSE: BP) is expected to report Q2 earnings on July 31. 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 BP's revenues will wane -17.4% and EPS will contract -9.6%.

The average estimate for revenue is $83.69 billion. On the bottom line, the average EPS estimate is $1.51.

Revenue details
Last quarter, BP reported revenue of $94.04 billion. GAAP reported sales were 10% higher than the prior-year quarter's $85.33 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 $1.50. GAAP EPS of $0.31 for Q1 were 18% lower than the prior-year quarter's $0.38 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 14.2%, 370 basis points worse than the prior-year quarter. Operating margin was 7.1%, 300 basis points worse than the prior-year quarter. Net margin was 6.3%, 220 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $354.33 billion. The average EPS estimate is $6.15.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 4,932 members out of 5,258 rating the stock outperform, and 326 members rating it underperform. Among 1,052 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,001 give BP a green thumbs-up, and 51 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on BP is outperform, with an average price target of $52.92.