Nuveen Churchill Direct Lending Corp. (NCDL) Cash Flow Statement
Where NCDL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $194.2M +42.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $194.2M 96.2% margin
- Returned to shareholders
- $168.0M 87% of free cash flow
- Change in cash
- $19.2M cash at year-end $62.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NCDL operating cash flow, capex and free cash flow
NCDL cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $8.3M2018 | $194.2M2025 | +57.0%/yr | |
| Capital expenditures | $02018 | $02025 | — | |
| Free cash flow | $8.3M2018 | $194.2M2025 | +57.0%/yr | |
| Free cash flow margin | 180.4%2018 | 96.2%2025 | −84.2 pts | |
| Operating cash flow / net income | 5.762018 | 2.962025 | −2.80 | |
| Dividends paid | $882,0002018 | $102.3M2025 | +97.2%/yr | |
| Share buybacks (net) | $02022 | $65.7M2025 | — | |
| Capex / revenue | 0.0%2018 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NCDL cash flow by activity
NCDL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NCDL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $65.6M | $116.3M | $75.9M | $17.3M | $27.3M | $2.1M | $7.3M | $1.4M |
| Depreciation & amortization | — | −$11.0M | — | — | — | — | — | — |
| Change in working capital | $10.8M | $22.0M | −$6.3M | −$19.1M | $20.5M | $2.0M | −$8.8M | $6.4M |
| Other non-cash items | $117.7M | $9.1M | $3.5M | $26.9M | −$6.5M | $3.4M | −$149,000 | $384,000 |
| Cash from operating activities | $194.2M | $136.4M | $73.0M | $25.1M | $41.3M | $7.5M | −$1.6M | $8.3M |
| Investing activities | ||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $105.5M | −$433.6M | −$442.6M | −$453.0M | −$429.6M | −$159.3M | −$15.8M | −$162.1M |
| Cash from investing activities | $105.5M | −$433.6M | −$442.6M | −$453.0M | −$429.6M | −$159.3M | −$15.8M | −$162.1M |
| Financing activities | ||||||||
| Dividends paid | −$102.3M | −$95.2M | −$63.2M | −$34.7M | −$14.7M | −$3.3M | −$5.6M | −$882,000 |
| Share repurchases & issuance (net) | −$65.7M | −$33.5M | $0 | $0 | — | — | — | — |
| Net borrowing (repayment) | −$1.4M | $163.1M | $246.4M | $295.4M | $217.9M | — | — | — |
| Shares issued | $0 | $241.7M | $218.9M | $174.6M | $209.2M | $95.0M | $0 | $0 |
| Other financing | −$5.6M | −$2.9M | −$4.5M | −$3.4M | −$664,000 | $69.6M | $24.8M | $157.0M |
| Cash from financing activities | −$175.0M | $273.1M | $397.6M | $431.9M | $411.7M | $161.3M | $19.2M | $156.1M |
| Summary | ||||||||
| Net change in cash | $19.2M | −$24.1M | $28.1M | $4.1M | $22.6M | $9.2M | $1.2M | $2.3M |
| Cash at end of period | $62.5M | $43.3M | $67.4M | $39.3M | $35.2M | $12.6M | $3.4M | $2.2M |
| Free cash flow | $194.2M | $136.4M | $73.0M | $25.1M | $41.3M | $7.5M | −$1.6M | $8.3M |
| Free cash flow margin | 96.2% | 73.3% | 50.7% | 53.7% | 105.3% | 86.3% | −10.2% | 180.4% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.96 | 1.17 | 0.96 | 1.45 | 1.52 | 3.51 | −0.22 | 5.76 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.6M | $8.7M | $15.9M | $18.7M | $16.0M | $15.0M | $29.5M | $36.6M | $20.2M | $30.0M | $28.8M | $20.1M |
| Depreciation & amortization | — | — | — | $3.8M | −$4.8M | $11.9M | — | $1.3M | $664,000 | — | — | — |
| Change in working capital | $15.2M | −$15.3M | $11.5M | −$14.9M | $43.7M | −$29.6M | $15.5M | −$20.4M | $6.1M | $24.0M | −$3.6M | −$4.8M |
| Other non-cash items | $21.9M | $13.3M | $1.1M | $29.7M | $1.1M | −$6.2M | −$1.3M | −$59.8M | −$196.3M | −$151.6M | −$4.3M | $661,000 |
| Cash from operating activities | $40.7M | $6.6M | $28.6M | $37.3M | $56.0M | −$8.8M | $43.6M | −$42.3M | −$169.4M | −$97.6M | $20.8M | $16.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $20.3M | −$20.3M | $3.9M | $25.0M | $81.1M | −$4.7M | −$31.6M | — | — | — | −$155.5M | −$130.4M |
| Cash from investing activities | $20.3M | −$20.3M | $3.9M | $25.0M | $81.1M | −$4.7M | −$31.6M | — | — | — | −$155.5M | −$130.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$19.8M | −$22.2M | −$22.2M | −$22.3M | −$28.3M | −$29.5M | −$27.9M | −$26.5M | −$21.5M | −$19.3M | −$16.7M | −$14.8M |
| Share repurchases & issuance (net) | $0 | $0 | $0 | −$2.7M | −$26.0M | −$37.1M | −$22.4M | −$5.9M | −$5.1M | $0 | — | $0 |
| Net borrowing (repayment) | −$45.9M | $25.3M | $9.8M | −$9.9M | −$88.1M | $86.8M | $13.0M | $73.2M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $241.7M | $99.9M | $78.5M |
| Other financing | −$2,000 | −$1.4M | $0 | −$1,000 | $9,000 | −$5.6M | −$693,000 | −$152,000 | $202.8M | −$128.0M | $83.0M | $41.1M |
| Cash from financing activities | −$65.7M | $1.7M | −$12.4M | −$34.9M | −$142.3M | $14.7M | −$38.0M | $40.6M | $176.2M | $94.3M | $166.1M | $104.8M |
| Summary | ||||||||||||
| Net change in cash | −$4.6M | −$12.1M | $16.1M | $2.3M | −$5.2M | $5.9M | −$26.1M | −$1.7M | $6.8M | −$3.2M | $31.4M | −$9.5M |
| Cash at end of period | $45.8M | $50.4M | $62.5M | $46.3M | $44.0M | $49.2M | $43.3M | $69.4M | $71.0M | $64.2M | $67.4M | $36.0M |
| Free cash flow | $40.7M | $6.6M | $28.6M | $37.3M | $56.0M | −$8.8M | $43.6M | −$42.3M | −$169.4M | −$97.6M | $20.8M | $16.1M |
| Free cash flow margin | 123.0% | 23.0% | 77.8% | 93.2% | 146.6% | −16.4% | 90.3% | −75.4% | −453.6% | −220.2% | 42.6% | 42.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 11.32 | 0.76 | 1.79 | 2.00 | 3.50 | −0.59 | 1.48 | −1.15 | −8.38 | −3.25 | 0.72 | 0.80 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NCDL cash generation
In fiscal 2025 (ended December 31, 2025), Nuveen Churchill Direct Lending generated $194.2 million of cash from operations (up 42.3%) and spent $0 on capital expenditures, leaving free cash flow of $194.2 million, 96.2% of revenue. It returned $168.0 million to shareholders through dividends ($102.3 million) and net share buybacks ($65.7 million). Cash and equivalents rose by $19.2 million over the year.
Related: NCDL income statement, NCDL balance sheet, NCDL dividend history. See the NCDL stock overview for the latest quote and news.
NCDL cash flow FAQ
What is Nuveen Churchill Direct Lending's free cash flow?
Nuveen Churchill Direct Lending's free cash flow was $194.2 million in fiscal 2025: $194.2 million of operating cash flow minus $0 of capital expenditures It was $136.4 million a year earlier..
How much cash does Nuveen Churchill Direct Lending generate from operations?
Nuveen Churchill Direct Lending generated $194.2 million of cash from operating activities in fiscal 2025, 2.96 times its net income of $65.6 million.
How much stock does Nuveen Churchill Direct Lending buy back?
Nuveen Churchill Direct Lending spent $65.7 million on net share repurchases in fiscal 2025.
How much does Nuveen Churchill Direct Lending pay in dividends?
Nuveen Churchill Direct Lending paid $102.3 million in dividends in fiscal 2025, 52.7% of free cash flow.