NYSE · Financial Statements

Nuveen Churchill Direct Lending Corp. (NCDL) Financial Statements

$10.55 NYSE: NCDL Market Cap $521.03M

Nuveen Churchill Direct Lending Corp. most recently reported annual revenue of $202.0M, net profit of $66.0M. Revenue grew at an average annual rate of 86.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Nuveen Churchill Direct Lending Corp.: Revenue rose from $5.0M in 2018 to $202.0M in 2025, a change of +3940.0% over 7 years; net profit was positive in all 8 reported years; operating margin moved from 67.3% to 71.2%, a shift of +3.9 percentage points; the most recent year shows net profit of $66.0M.

Income Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$5.0M	$16.0M	$9.0M	$39.0M	$47.0M	$144.0M	$186.0M	$202.0M
Operating Expenses	$2.0M	$-1.0M	$7.0M	$12.0M	$30.0M	$67.0M	$70.0M	$58.0M
Operating Profit	$3.0M	$17.0M	$2.0M	$27.0M	$17.0M	$77.0M	$116.0M	$144.0M
Operating Margin	67.3%	108.6%	24.6%	69.5%	37.0%	53.3%	62.6%	71.2%
Other Income	$-2.0M	$0	$0	$0	$0	$0	$0	$-78.0M
Interest	$0	$0	$4.0M	$10.0M	$26.0M	$61.0M	$80.0M	$78.0M
Depreciation	$1.0M	$2.0M	$0	$0	$0	$0	$0	$0
Profit Before Tax	$4.0M	$14.0M	$2.0M	$27.0M	$17.0M	$77.0M	$116.0M	$66.0M
Tax	$100.0M	$100.0M	$0	$0	$140,000	$1.1M	$130,000	$230,000
Net Profit	$1.0M	$7.0M	$2.0M	$27.0M	$17.0M	$76.0M	$116.0M	$66.0M
EPS	$0.35	$1.79	$0.43	$2.12	$0.74	$2.27	$2.15	$1.30
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$37.0M	$49.0M	$44.0M	$37.0M	$56.0M	$48.0M	$54.0M	$38.0M	$40.0M	$37.0M	$29.0M	$33.0M
Operating Expenses	$17.0M	$19.0M	$14.0M	$17.0M	$19.0M	$19.0M	$28.0M	$22.0M	$21.0M	$21.0M	$20.0M	$14.0M
Operating Profit	$20.0M	$30.0M	$30.0M	$20.0M	$37.0M	$30.0M	$25.0M	$16.0M	$19.0M	$16.0M	$9.0M	$19.0M
Operating Margin	53.7%	60.5%	68.1%	53.4%	65.3%	61.6%	47.0%	41.7%	46.7%	44.1%	31.2%	58.9%
Interest	$15.0M	$18.0M	$17.0M	$18.0M	$22.0M	$19.0M	$18.0M	$19.0M	$18.0M	$17.0M	$16.0M	$17.0M
Profit Before Tax	$20.0M	$29.0M	$30.0M	$20.0M	$37.0M	$30.0M	$27.0M	$16.0M	$19.0M	$16.0M	$9.0M	$3.0M
Tax	$-130,000	$0	$470,000	$-1.4M	$-50,000	$1.1M	$140,000	$-580,000	$20,000	$1.7M	$2.9M	$-23.3M
Net Profit	$20.0M	$29.0M	$30.0M	$20.0M	$37.0M	$29.0M	$27.0M	$16.0M	$19.0M	$16.0M	$9.0M	$4.0M
EPS	$0.58	$0.70	$0.57	$0.37	$0.67	$0.54	$0.53	$0.32	$0.38	$0.32	$0.18	$0.07

Over the 8 years reported for Nuveen Churchill Direct Lending Corp., cash stood at $9.0M in the latest year, shareholders' equity was $0.

Balance Sheet — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$87.0M	$188.0M	$353.0M	$821.0M	$1.3B	$1.7B	$2.1B	$2.1B
Current Assets	$167.0M	$0	$0	$48.0M	$54.0M	$89.0M	$62.0M	$77.0M
Cash	$2.0M	$3.0M	$13.0M	$35.0M	$39.0M	$67.0M	$43.0M	$9.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0
Receivables	$1.0M	$4.0M	$3.0M	$13.0M	$14.0M	$22.0M	$19.0M	$14.0M
Fixed Assets	$0	$0	$0	$0	$0	$0	$0	$0
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$0	$0	$0	$0	$0	$0	$2.0B
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$272.0M	$122.0M	$196.0M	$447.0M	$729.0M	$983.0M	$1.2B	$1.2B
Current Liabilities	$181.0M	$0	$0	$36.0M	$26.0M	$35.0M	$61.0M	$0
Borrowings	$0	$118.0M	$188.0M	$406.0M	$700.0M	$944.0M	$1.1B	$1.1B
Other Liabilities	$272.0M	$4.0M	$8.0M	$41.0M	$29.0M	$39.0M	$65.0M	$64.0M
Equity	$0	$0	$0	$0	$0	$0	$1.0M	$0
Reserves	$165.0M	$66.0M	$158.0M	$374.0M	$525.0M	$748.0M	$970.0M	$875.0M

For Nuveen Churchill Direct Lending Corp., operating cash flow was positive in 7 of 8 reported years; free cash flow in the latest year was $194.0M; free cash flow was positive in 7 of 8 years; financing activities used $71.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$8.0M	$-2.0M	$8.0M	$41.0M	$25.0M	$73.0M	$136.0M	$194.0M
Investing Cash Flow	$-162.0M	$-16.0M	$-159.0M	$-430.0M	$-453.0M	$-443.0M	$-434.0M	$0
Financing Cash Flow	$0	$0	$0	$0	$0	$-4.0M	$-34.0M	$-71.0M
Net Cash Flow	$2.0M	$1.0M	$9.0M	$23.0M	$4.0M	$28.0M	$-24.0M	$19.0M
Free Cash Flow	$8.0M	$-2.0M	$8.0M	$41.0M	$25.0M	$73.0M	$136.0M	$194.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	-0.21
EV / EBITDA	25.72
FCF Yield	20.78%
Quick Ratio	0.00
Interest Coverage	0.93
Return 1Y	-19.23%
Return 3Y	—
Return 5Y	—

Nuveen Churchill Direct Lending Corp. (NCDL) financials — frequently asked questions

What is Nuveen Churchill Direct Lending Corp.'s annual revenue?

Nuveen Churchill Direct Lending Corp. (NCDL) reported annual revenue of $202.0M in its most recent fiscal year.

What is Nuveen Churchill Direct Lending Corp.'s net profit?

Nuveen Churchill Direct Lending Corp. (NCDL) reported net profit of $66.0M in its most recent fiscal year.

What is NCDL EV/EBITDA?

Nuveen Churchill Direct Lending Corp.'s enterprise value to EBITDA (EV/EBITDA) ratio is 25.72.

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