Verizon Communications (NYSE: VZ) is expected to report Q2 earnings on July 19. 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 Verizon Communications' revenues will increase 3.7% and EPS will increase 12.3%.

The average estimate for revenue is $28.54 billion. On the bottom line, the average EPS estimate is $0.64.

Revenue details
Last quarter, Verizon Communications chalked up revenue of $28.24 billion. GAAP reported sales were 4.6% higher than the prior-year quarter's $26.99 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, EPS came in at $0.59. GAAP EPS of $0.59 for Q1 were 16% higher than the prior-year quarter's $0.51 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 59.9%, 150 basis points better than the prior-year quarter. Operating margin was 18.4%, 190 basis points better than the prior-year quarter. Net margin was 6.0%, 70 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $114.13 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 4,586 members out of 4,860 rating the stock outperform, and 274 members rating it underperform. Among 1,103 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,056 give Verizon Communications a green thumbs-up, and 47 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Verizon Communications is outperform, with an average price target of $39.38.

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Seth Jayson owned shares of the following at the time of publication: Verizon Communications. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.