CBS (NYSE: CBS) is expected to report Q2 earnings on Aug. 2. Here's what Wall Street wants to see.

The 10-second takeaway
Comparing the upcoming quarter with the prior-year quarter, average analyst estimates predict CBS's revenues will shrink -1.3% and EPS will improve 1.7%.

The average estimate for revenue is $3.54 billion. On the bottom line, the average EPS estimate is $0.59.

Revenue details
Last quarter, CBS notched revenue of $3.92 billion. GAAP reported sales were 12% higher than the prior-year quarter's $3.51 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 $0.53. GAAP EPS of $0.54 for Q1 were 86% 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 37.3%, 210 basis points better than the prior-year quarter. Operating margin was 16.6%, 410 basis points better than the prior-year quarter. Net margin was 9.3%, 350 basis points better than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $15.08 billion. The average EPS estimate is $2.49.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 314 members out of 389 rating the stock outperform, and 75 members rating it underperform. Among 124 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 109 give CBS 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 CBS is outperform, with an average price target of $34.43.