Brew Markets Podcast Summary

Episode: Disney Magic Comes at a Price & SoFi Adds A Million Members
Host: Ann Berry (plus co-host/producer John)
Date: February 2, 2026
Source: Morning Brew

Episode Overview

This episode dissects some of the day's most significant stock market stories through the lens of two headline-grabbing companies: Disney and SoFi. Host Ann Berry breaks down Disney’s first-quarter earnings and the strategic, operational, and leadership challenges facing the entertainment giant, particularly around parks, streaming, sports, and a looming CEO succession. The team then dives into SoFi’s latest results after its milestone $1 billion quarter, exploring the fintech’s evolving business model—and why the stock price fell despite growth. The show closes with updates from the New York Stock Exchange’s tech-and-content push, trade deal news, and brief notes on Nvidia, Oracle, and Palantir.

Disney: “Magic Comes at a Price”

[00:29] – [06:32]

Key Discussion Points

• Strong Earnings Across Divisions

  • Streaming: Disney+ and Hulu’s operating income up 72% YoY to $450 million, outpacing Wall St. expectations.
    "The streamers can in fact have profitable growth." (Ann Berry, 01:14)
  • Film Studios: Over $6.5 billion at the box office in 2025—Disney’s third-biggest year ever and ninth time holding the #1 global box office spot in a decade.
  • Parks and Experiences: Record revenue at $10 billion+, with 6% YoY operating income growth.

• Concerns about International Visitation

  • Despite U.S. parks and experiences performing well, Disney flagged “international visitation headwinds.”
    • Quote from Disney management: "We expect modest segment operating income growth in Q2 due to a combination of factors, including international visitation headwinds at our domestic parks." (Ann Berry, 03:30)
  • Increased U.S. visa vetting may be impacting foreign tourist turnout.

• Sports: The Cost of ESPN’s Leadership

  • ESPN commanded 30% of all sports viewership but segment income for sports declined by $56 million YoY due to ballooning programming/production costs outpacing ad revenue growth.
    • "The fundamental challenge in sports, which is that buying these broadcasting rights is just incredibly expensive." (Ann Berry, 04:35)
  • $110 million hit from a fall carriage dispute with YouTube.

• Headline Numbers

  • Total revenue: ~$26 billion (+7% YoY)
  • Net income: $2.4 billion (-6% YoY)
  • Stock down 7% for the day.

• CEO Succession Overhang

  • Bob Iger reportedly wants to exit before contract ends; Disney’s flat stock over three years “hung over” by leadership uncertainty.
  • Board, led by ex-Morgan Stanley CEO, to vote on successor. Primary internal candidates: Josh D'Amaro (Parks/Experiences Chair) vs. Dana Walden (Entertainment Co-Chair).
    • "I think Iger is keen to get out while the numbers show some decent momentum...he's getting out right as it's getting harder to achieve profitable incremental sales." (Ann Berry, 05:58)

Memorable Moment

• Ann’s commentary on Disney succession and market expectations:
  • "The drama around how Disney will handle CEO succession has hung over the stock, which has basically flatlined for the past three years." (Ann Berry, 05:10)

SoFi: “A Billion Dollar Quarter, but Investors are Wary”

[07:18] – [17:16]

Summary of Results

• Record net revenue: $1.01 billion (+37% YoY), first billion-dollar quarter.

• Adjusted EPS: $0.13 (beat by $0.01)

• Shares down ~2% post-earnings (despite +40% over previous 12 months).

  • "SoFi just had its first billion-dollar quarter. Net revenue beat expectations and was up 37% year over year. Adjusted earnings…shares were down about 2% this morning. They're up 40% over the last twelve months." (John, 08:35)

• Membership additions: +1 million new members, +1.6 million new products. Total user base now 13.7 million (+35% YoY).

• Loan platform revenue (origination & third-party servicing): more than tripled to ~$190 million; over 40% of SoFi’s total growth.

Strategic Discussion & Analysis

• Revenue Diversification

  • SoFi’s pivot: from reliance on loan interest to building fee-based, high-margin lines like loan platforms and a “one-stop shop” super-app model (banking, investing, crypto, insurance).
  • New initiatives:
    • Launched first US dollar-peg stablecoin by a chartered US bank (for internal settlements, expanding out).
    • First and only nationally chartered US bank to allow retail crypto trading (paused later for regulatory compliance).

• Competitive Moat

  • Unlike other “neobanks,” SoFi bought a bank and gained a national charter: now can offer FDIC-insured deposits and directly own customer relationships.

• Efforts to Build Customer ‘Virtuous Cycle’

  • "They call it the virtuous cycle...brand awareness brings new members into the financial services productivity loop." (John, 12:01)
  • Parallel drawn to Robinhood and “super app” strategies: start with high-engagement service (investing, security), upsell/cross-sell additional products.

• Guidance

  • Forecasts: 30% net revenue CAGR, 40% EPS growth (over next 3 years).
  • 2025 adjusted EBITDA: $854 million.

• Stock Price Reaction: Why Down?

  • December $1.5B capital raise via new shares—diluting existing holders.
    • "When a company issues new common shares, it dilutes everybody else…The only way…that is a good thing is if the money…grows so much faster that it compensates for that dilution." (Ann Berry, 14:25)
  • CEO Anthony Noto called it "opportunistic"—lack of clarity on how cash will be used (possible M&A, unspecific plans) unsettled investors.
  • Morningstar quote:
    • "We think the shares are still materially overvalued following their impressive performance in 2025...We expect growth to slow over time." (Morningstar analyst via Ann Berry, 16:18)
  • SoFi is seen as fully valued and reliant on sustaining its recent high growth rates.

Listener Engagement

• On-air answer to listener (Kevin Hardy’s) question about SoFi’s strategy and stock performance.

Scene: New York Stock Exchange’s Content Push

[17:25] – [22:39]

Inside NYSE

• NYSE is repositioning itself as a media/content hub—hosting media companies/podcasts, building new, modern studios at the historic Wall Street site.

  • Billboards and studio broadcasts from Times Square to Silicon Valley.

• John’s first impressions:

  • "It's historical and gold. Guild everywhere, everything is gold. And it's beautiful and historic...Then going down to the floor, it's less of what you might remember seeing in movies of people yelling buy and sell." (John, 19:17)
  • Met "Einstein of Wall Street," Peter Tuchman, iconic for financial reporting visuals.
  • Observed NYSE’s shift into media and away from traditional, crowded trading floors.

• Ann recalls her first NYSE visit in 2000: open to the public, bustling, consuming most electricity of any US building at the time.

• John’s nostalgia for trading-floor atmosphere:

  • "There were a lot of gratuitous dropping of F bombs, which I absolutely associate with in-person trading on the stock exchange. So I was glad to see that that hadn't yet gotten to Norway." (Ann Berry, 22:39)

Macro/Mini-Headlines: Quick Hits

[23:15] – [25:46]

• Markets Close: S&P 500 and Nasdaq both up ~0.5%; Nasdaq +1%.
• US-India Trade Deal: Announced by President Trump; India to “stop buying Russian oil,” buy more US/Venezuelan, in exchange for lower tariffs and a $500B “Buy American” pledge. Intended to pressure Russia over Ukraine.
• Nvidia: Shares down after Wall Street Journal reported a $100B OpenAI partnership deal is “on ice”—with CEO Jensen Huang allegedly calling OpenAI’s approach undisciplined (though Huang denied unhappiness: “nonsense”).
• Oracle: Announced $45–$50B capital raise to build cloud capacity; initial stock pop faded by close.
• Palantir: Earnings imminent; focus on sustainable defense-related growth.

Standout Quotes & Timestamps

• Disney streaming turnaround:
  • "The streamers can in fact have profitable growth." —Ann Berry (01:14)
• On sports rights:
  • "The fundamental challenge in sports...buying these broadcasting rights is just incredibly expensive." —Ann Berry (04:35)
• On Disney succession drama:
  • "The drama around how Disney will handle CEO succession has hung over the stock, which has basically flatlined for the past three years." —Ann Berry (05:10)
• On SoFi’s share dilution:
  • "It was an opportunistic capital raise...without specificity, the market tends to get a little bit nervous." —Ann Berry (14:43)
• Morningstar on SoFi:
  • "We expect growth to slow over time." —Morningstar Analyst (16:18)
• On NYSE changes:
  • "It's less...of what you might remember seeing in movies...now it's more media companies building out..." —John (19:17)
  • "Gratuitous dropping of F bombs, which I absolutely associate with in-person trading on the stock exchange." —Ann Berry (22:39)

Conclusion

This episode provides a clear-eyed look at how two headline companies are navigating growth, transformation, and investor scrutiny—Disney balancing stellar segment results with cost/investment realities and looming leadership transition; SoFi innovating with platform expansion and fintech’s “super app” ambitions, but grappling with market skepticism over its sky-high valuation. Insights into NYSE’s media ambitions, plus byte-sized notes on major stock and geopolitical moves, round out a tightly-packed, actionable finance listen.