Penn National Gaming (Nasdaq: PENN) is expected to report Q2 earnings on July 23. 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 Penn National Gaming's revenues will grow 9.2% and EPS will increase 1.6%.

The average estimate for revenue is $778.0 million. On the bottom line, the average EPS estimate is $0.64.

Revenue details
 Last quarter, Penn National Gaming reported revenue of $798.2 million. GAAP reported sales were 8.4% higher than the prior-year quarter's $736.1 million.

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 $0.69. GAAP EPS of $0.63 for Q1 were 15% lower than the prior-year quarter's $0.74 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 43.3%, 140 basis points better than the prior-year quarter. Operating margin was 16.7%, 220 basis points worse than the prior-year quarter. Net margin was 8.2%, 250 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $3.12 billion. The average EPS estimate is $2.50.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 347 members out of 377 rating the stock outperform, and 30 members rating it underperform. Among 100 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 96 give Penn National Gaming a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Penn National Gaming is outperform, with an average price target of $56.41.

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