Nuveen Churchill Direct Lending Corp.
NYSE: NCDL · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-05
Nuveen Churchill Direct Lending Corp. (NCDL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.58M | $15.89M | $8.71M | $39.25M | $46.81M | $144.01M | $186.00M | $201.84M |
| Revenue growth (YoY) | — | +246.6% | -45.2% | +350.6% | +19.3% | +207.6% | +29.2% | +8.5% |
| Cost of revenue | $502000.00 | $1.96M | $4.49M | $9.83M | $23.42M | $57.98M | $74.58M | $30.54M |
| Gross profit | $4.08M | $13.93M | $4.22M | $29.43M | $23.39M | $86.03M | $111.42M | $171.31M |
| Gross margin | 89.0% | 87.7% | 48.5% | 75.0% | 50.0% | 59.7% | 59.9% | 84.9% |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | — | — | $2.50M | $2.68M | $3.99M | $6.19M | $6.54M | $7.61M |
| Operating income | $3.08M | $17.25M | $2.15M | $27.27M | $17.31M | $76.77M | $116.48M | $143.66M |
| Operating margin | 67.3% | 108.6% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| EBITDA | $4.03M | $19.11M | $2.15M | $27.27M | $17.31M | $76.77M | $116.48M | $143.66M |
| EBITDA margin | 87.9% | 120.3% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| EBIT | $3.08M | $17.25M | $-450000.00 | $37.08M | $3.77M | $179.70M | $202.82M | — |
| Interest expense | — | — | $4.49M | $9.83M | $25.70M | $61.21M | $79.88M | $77.90M |
| Income tax | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $1.44M | $7.29M | $2.15M | $27.27M | $17.29M | $75.94M | $116.32M | $65.61M |
| Net income growth (YoY) | — | +407.7% | -70.6% | +1171.1% | -36.6% | +339.3% | +53.2% | -43.6% |
| Profit margin | 31.3% | 45.9% | 24.6% | 69.5% | 36.9% | 52.7% | 62.5% | 32.5% |
Frequently asked questions
How profitable is NCDL?
In its most recent fiscal year, NCDL ran a gross margin of 84.87%, an operating margin of 71.18%, and a net margin of 32.51%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NCDL generate?
NCDL produced $194.16M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NCDL's balance sheet healthy?
NCDL holds $8.55M in cash and equivalents against — in long-term debt, on $875.18M of shareholder equity. That debt is best read against the cash flow the business throws off each year.