diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7b3bb46d0..8e9d187ef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Changed
+- Dry-run result output improvements [1123](https://github.com/paritytech/cargo-contract/pull/1123)
+
 ## [3.0.1]
 
 ### Fixed
diff --git a/crates/cargo-contract/src/cmd/extrinsics/call.rs b/crates/cargo-contract/src/cmd/extrinsics/call.rs
index 2e8bb5dc3..c4de2a244 100644
--- a/crates/cargo-contract/src/cmd/extrinsics/call.rs
+++ b/crates/cargo-contract/src/cmd/extrinsics/call.rs
@@ -119,13 +119,12 @@ impl CallCommand {
                 match result.result {
                     Ok(ref ret_val) => {
                         let value = transcoder
-                            .decode_return(&self.message, &mut &ret_val.data[..])
+                            .decode_message_return(&self.message, &mut &ret_val.data[..])
                             .context(format!(
                                 "Failed to decode return value {:?}",
                                 &ret_val
                             ))?;
                         let dry_run_result = CallDryRunResult {
-                            result: String::from("Success!"),
                             reverted: ret_val.did_revert(),
                             data: value,
                             gas_consumed: result.gas_consumed,
@@ -305,8 +304,6 @@ pub struct CallRequest {
 /// Result of the contract call
 #[derive(serde::Serialize)]
 pub struct CallDryRunResult {
-    /// Result of a dry run
-    pub result: String,
     /// Was the operation reverted
     pub reverted: bool,
     pub data: Value,
@@ -323,12 +320,11 @@ impl CallDryRunResult {
     }
 
     pub fn print(&self) {
-        name_value_println!("Result", self.result, DEFAULT_KEY_COL_WIDTH);
+        name_value_println!("Result", format!("{}", self.data), DEFAULT_KEY_COL_WIDTH);
         name_value_println!(
             "Reverted",
             format!("{:?}", self.reverted),
             DEFAULT_KEY_COL_WIDTH
         );
-        name_value_println!("Data", format!("{}", self.data), DEFAULT_KEY_COL_WIDTH);
     }
 }
diff --git a/crates/cargo-contract/src/cmd/extrinsics/instantiate.rs b/crates/cargo-contract/src/cmd/extrinsics/instantiate.rs
index 2f0daea20..7dfd68cab 100644
--- a/crates/cargo-contract/src/cmd/extrinsics/instantiate.rs
+++ b/crates/cargo-contract/src/cmd/extrinsics/instantiate.rs
@@ -45,6 +45,7 @@ use crate::{
 };
 use anyhow::{
     anyhow,
+    Context,
     Result,
 };
 use contract_build::{
@@ -52,6 +53,7 @@ use contract_build::{
     util::decode_hex,
     Verbosity,
 };
+use contract_transcode::Value;
 
 use pallet_contracts_primitives::ContractInstantiateResult;
 
@@ -199,11 +201,20 @@ impl Exec {
             let result = self.instantiate_dry_run().await?;
             match result.result {
                 Ok(ref ret_val) => {
+                    let value = self
+                        .transcoder
+                        .decode_constructor_return(
+                            &self.args.constructor,
+                            &mut &ret_val.result.data[..],
+                        )
+                        .context(format!(
+                            "Failed to decode return value {:?}",
+                            &ret_val
+                        ))?;
                     let dry_run_result = InstantiateDryRunResult {
-                        result: String::from("Success!"),
+                        result: value,
                         contract: ret_val.account_id.to_string(),
                         reverted: ret_val.result.did_revert(),
-                        data: ret_val.result.data.clone().into(),
                         gas_consumed: result.gas_consumed,
                         gas_required: result.gas_required,
                         storage_deposit: StorageDeposit::from(&result.storage_deposit),
@@ -439,13 +450,12 @@ impl InstantiateResult {
 /// Result of the contract call
 #[derive(serde::Serialize)]
 pub struct InstantiateDryRunResult {
-    /// Result of a dry run
-    pub result: String,
+    /// The decoded result returned from the constructor
+    pub result: Value,
     /// contract address
     pub contract: String,
     /// Was the operation reverted
     pub reverted: bool,
-    pub data: Bytes,
     pub gas_consumed: Weight,
     pub gas_required: Weight,
     /// Storage deposit after the operation
@@ -459,14 +469,13 @@ impl InstantiateDryRunResult {
     }
 
     pub fn print(&self) {
-        name_value_println!("Result", self.result, DEFAULT_KEY_COL_WIDTH);
-        name_value_println!("Contract", self.contract, DEFAULT_KEY_COL_WIDTH);
+        name_value_println!("Result", format!("{}", self.result), DEFAULT_KEY_COL_WIDTH);
         name_value_println!(
             "Reverted",
             format!("{:?}", self.reverted),
             DEFAULT_KEY_COL_WIDTH
         );
-        name_value_println!("Data", format!("{:?}", self.data), DEFAULT_KEY_COL_WIDTH);
+        name_value_println!("Contract", self.contract, DEFAULT_KEY_COL_WIDTH);
         name_value_println!(
             "Gas consumed",
             self.gas_consumed.to_string(),
diff --git a/crates/transcode/src/lib.rs b/crates/transcode/src/lib.rs
index 357d084b5..a4287031c 100644
--- a/crates/transcode/src/lib.rs
+++ b/crates/transcode/src/lib.rs
@@ -349,7 +349,22 @@ impl ContractMessageTranscoder {
         Ok(Value::Map(map))
     }
 
-    pub fn decode_return(&self, name: &str, data: &mut &[u8]) -> Result<Value> {
+    pub fn decode_constructor_return(
+        &self,
+        name: &str,
+        data: &mut &[u8],
+    ) -> Result<Value> {
+        let ctor_spec = self.find_constructor_spec(name).ok_or_else(|| {
+            anyhow::anyhow!("Failed to find constructor spec with name '{}'", name)
+        })?;
+        if let Some(return_ty) = ctor_spec.return_type().opt_type() {
+            self.decode(return_ty.ty().id, data)
+        } else {
+            Ok(Value::Unit)
+        }
+    }
+
+    pub fn decode_message_return(&self, name: &str, data: &mut &[u8]) -> Result<Value> {
         let msg_spec = self.find_message_spec(name).ok_or_else(|| {
             anyhow::anyhow!("Failed to find message spec with name '{}'", name)
         })?;
@@ -674,7 +689,7 @@ mod tests {
 
         let encoded = Result::<bool, ink::primitives::LangError>::Ok(true).encode();
         let decoded = transcoder
-            .decode_return("get", &mut &encoded[..])
+            .decode_message_return("get", &mut &encoded[..])
             .unwrap_or_else(|e| panic!("Error decoding return value {e}"));
 
         let expected = Value::Tuple(Tuple::new(
@@ -694,7 +709,7 @@ mod tests {
         let encoded =
             Result::<bool, LangError>::Err(LangError::CouldNotReadInput).encode();
         let decoded = transcoder
-            .decode_return("get", &mut &encoded[..])
+            .decode_message_return("get", &mut &encoded[..])
             .unwrap_or_else(|e| panic!("Error decoding return value {e}"));
 
         let expected = Value::Tuple(Tuple::new(