Oracle is under pressure from more than $100 billion in debt and massive layoffs as it pushes ahead with Larry Ellison’s 3-step transformation 

The $400 billion enterprise software and cloud infrastructure giant Oracle is in the hot seat with a fiscal third quarter earnings drop on Tuesday amid a spotlight on its heavy borrowing and negative free cash flow.  

To set the scene, at the top line analysts are expecting about 20% growth in quarterly revenues to roughly $17 billion, right in line with Oracle’s guidance of 19% to 21% growth from the prior year. Earnings per share, excluding certain items, are expected to be up about...