McDonald's (NYSE: MCD) 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 McDonald's revenues will increase 0.8% and EPS will grow 2.2%.

The average estimate for revenue is $6.96 billion. On the bottom line, the average EPS estimate is $1.38.

Revenue details
Last quarter, McDonald's logged revenue of $6.55 billion. GAAP reported sales were 7.1% higher than the prior-year quarter's $6.11 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, EPS came in at $1.23. GAAP EPS of $1.23 for Q1 were 7.0% higher than the prior-year quarter's $1.15 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 38.5%, 20 basis points better than the prior-year quarter. Operating margin was 29.4%, 30 basis points better than the prior-year quarter. Net margin was 19.3%, 50 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $27.93 billion. The average EPS estimate is $5.58.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 5,742 members rating the stock outperform, and 284 members rating it underperform. Among 1,512 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,463 give McDonald's a green thumbs-up, and 49 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on McDonald's is outperform, with an average price target of $107.30.

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Seth Jayson had no position in any company mentioned here at the time of publication. 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. The Motley Fool owns shares of McDonald's. Motley Fool newsletter services have recommended buying shares of McDonald's. 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.