Netflix (Nasdaq: NFLX) is expected to report Q2 earnings on July 22. 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 Netflix's revenues will increase 20.5% and EPS will expand 254.5%.

The average estimate for revenue is $1.07 billion. On the bottom line, the average EPS estimate is $0.39.

Revenue details
 Last quarter, Netflix logged revenue of $1.02 billion. GAAP reported sales were 18% higher than the prior-year quarter's $869.8 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 $0.31. GAAP EPS were $0.05 for Q1 versus -$0.08 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 29.0%, 70 basis points better than the prior-year quarter. Operating margin was 3.1%, 330 basis points better than the prior-year quarter. Net margin was 0.3%, 80 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $4.34 billion. The average EPS estimate is $1.50.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 7,778 members out of 9,735 rating the stock outperform, and 1,957 members rating it underperform. Among 3,255 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 3,027 give Netflix a green thumbs-up, and 228 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Netflix is hold, with an average price target of $135.84.

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