Williams Companies (NYSE: WMB) is expected to report Q2 earnings tomorrow. 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 Williams Companies's revenues will shrink -26.1% and EPS will wane 43.6%.

The average estimate for revenue is $1.97 billion. On the bottom line, the average EPS estimate is $0.22.

Revenue details
Last quarter, Williams Companies notched revenue of $2.02 billion. GAAP reported sales were 7.9% higher than the prior-year quarter's $1.87 billion.

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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 $0.39. GAAP EPS of $0.70 for Q1 were 30% higher than the prior-year quarter's $0.54 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 33.2%, 320 basis points better than the prior-year quarter. Operating margin was 26.1%, 260 basis points better than the prior-year quarter. Net margin was 21%, 380 basis points better than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $8.11 billion. The average EPS estimate is $1.18.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 524 members rating the stock outperform and 21 members rating it underperform. Among 120 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 113 give Williams Companies a green thumbs-up, and seven give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Williams Companies is outperform, with an average price target of $33.32.

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