Walgreen (NYSE: WAG) is expected to report Q1 earnings on Dec. 21. 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 Walgreen's revenues will drop -3.2% and EPS will increase 9.5%.

The average estimate for revenue is $17.58 billion. On the bottom line, the average EPS estimate is $0.69.

Revenue details
 Last quarter, Walgreen tallied revenue of $17.08 billion. GAAP reported sales were 5.0% lower than the prior-year quarter's $17.97 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 $0.63. GAAP EPS of $0.39 for Q4 were 55% lower than the prior-year quarter's $0.87 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 28.3%, 10 basis points better than the prior-year quarter. Operating margin was 4.0%, 120 basis points worse than the prior-year quarter. Net margin was 2.1%, 230 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $73.75 billion. The average EPS estimate is $3.23.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 2,097 members out of 2,238 rating the stock outperform, and 141 members rating it underperform. Among 567 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 538 give Walgreen a green thumbs-up, and 29 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Walgreen is hold, with an average price target of $37.90.

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