Calpine (NYSE: CPN) is expected to report Q2 earnings on July 25. 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 Calpine's revenues will increase 55.6% and EPS will expand 166.7%.

The average estimate for revenue is $1.37 billion. On the bottom line, the average EPS estimate is $0.08.

Revenue details
 Last quarter, Calpine reported revenue of $1.24 billion. GAAP reported sales were 8.1% higher than the prior-year quarter's $1.21 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 -$0.15. GAAP EPS were -$0.28 for Q1 against -$0.02 per share for the prior-year quarter.

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 20.1%, 940 basis points worse than the prior-year quarter. Operating margin was -0.3%, much worse than the prior-year quarter. Net margin was -9.5%, 880 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $6.39 billion. The average EPS estimate is $0.56.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 212 members out of 231 rating the stock outperform, and 19 members rating it underperform. Among 63 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 58 give Calpine a green thumbs-up, and five give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Calpine is outperform, with an average price target of $22.46.

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