Southwest Airlines (NYSE: LUV) is expected to report Q3 earnings on Oct. 18. 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 Southwest Airlines's revenues will grow 0.9% and EPS will contract -6.7%.

The average estimate for revenue is $4.35 billion. On the bottom line, the average EPS estimate is $0.14.

Revenue details
 Last quarter, Southwest Airlines chalked up revenue of $4.62 billion. GAAP reported sales were 12% higher than the prior-year quarter's $4.14 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 $0.36. GAAP EPS of $0.30 for Q2 were 43% higher than the prior-year quarter's $0.21 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 25.5%, 340 basis points better than the prior-year quarter. Operating margin was 10.2%, 380 basis points better than the prior-year quarter. Net margin was 4.9%, 100 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $17.19 billion. The average EPS estimate is $0.61.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 1,509 members out of 1,765 rating the stock outperform, and 256 members rating it underperform. Among 347 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 294 give Southwest Airlines a green thumbs-up, and 53 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Southwest Airlines is outperform, with an average price target of $11.86.