Nuveen Churchill Direct Lending Corp. (NCDL) Income Statement
NCDL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNCDL revenue and net income
Where NCDL's revenue goes
2025Each bar shows an amount and its share of revenue. NCDL kept 32.5% of revenue as net income.
NCDL profit margins
NCDL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.5% | +62.8% | +87.5% | — |
| Gross profit | +53.7% | +94.2% | +109.7% | — |
| Operating income | +23.3% | +102.5% | +131.8% | — |
| Net income | −43.6% | +56.0% | +98.2% | — |
| EPS (diluted) | −18.1% | +45.8% | +49.4% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NCDL quarterly EPS vs estimates
Nuveen Churchill Direct Lending beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.37).
NCDL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $201.8M | $186.0M | $144.0M | $46.8M | $39.3M | $8.7M | $15.9M | $4.6M |
| Cost of revenue | $30.5M | $74.6M | $58.0M | $23.4M | $9.8M | $4.5M | $2.0M | $502,000 |
| Gross profit | $171.3M | $111.4M | $86.0M | $23.4M | $29.4M | $4.2M | $13.9M | $4.1M |
| Research & development | — | — | $0 | $0 | $1 | $0 | $0 | $0 |
| Sales, general & admin | $7.6M | $6.5M | $6.2M | $4.0M | $2.7M | $2.5M | — | — |
| Total operating expenses | $27.6M | −$5.1M | $9.3M | $6.1M | $2.2M | $2.1M | −$6.7M | −$2.2M |
| Operating income | $143.7M | $116.5M | $76.8M | $17.3M | $27.3M | $2.1M | $17.3M | $3.1M |
| Interest income | $205.8M | $221.4M | $160.5M | $80.7M | $35.0M | $13.0M | — | — |
| Interest expense | $77.9M | $79.9M | $61.2M | $25.7M | $9.8M | $4.5M | — | — |
| Income before taxes | $65.8M | $116.5M | $76.8M | $17.3M | $27.3M | $2.1M | $14.0M | $3.6M |
| Income taxes | $149,000 | $154,000 | $830,000 | $24,000 | $37.1M | $6.6M | $14.0M | $3.6M |
| Net income | $65.6M | $116.3M | $75.9M | $17.3M | $27.3M | $2.1M | $7.3M | $1.4M |
| EBITDA | $143.7M | $116.5M | $76.8M | $17.3M | $27.3M | $2.1M | $19.1M | $4.0M |
| EPS (diluted) | $1.86 | $2.27 | $0.66 | $0.60 | $1.52 | $0.25 | $1.82 | — |
| Gross margin | 84.9% | 59.9% | 59.7% | 50.0% | 75.0% | 48.5% | 87.7% | 89.0% |
| Operating margin | 71.2% | 62.6% | 53.3% | 37.0% | 69.5% | 24.6% | 108.6% | 67.3% |
| Net margin | 32.5% | 62.5% | 52.7% | 36.9% | 69.5% | 24.6% | 45.9% | 31.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.1M | $28.7M | $36.7M | $40.0M | $38.2M | $53.6M | $48.3M | $56.0M | $37.3M | $44.3M | $48.9M | $37.5M |
| Cost of revenue | $6.2M | $16.2M | $17.1M | $18.4M | $19.3M | $20.6M | $19.3M | $22.3M | $17.7M | $15.3M | $18.1M | $15.2M |
| Gross profit | $26.9M | $12.5M | $19.7M | $21.6M | $18.9M | $32.9M | $29.0M | $33.8M | $19.6M | $29.0M | $30.8M | $22.3M |
| Sales, general & admin | $1.8M | $2.0M | $2.4M | $2.1M | $2.2M | $1.4M | $1.4M | $1.7M | $1.8M | $1.7M | $1.2M | $1.3M |
| Total operating expenses | $7.4M | $3.6M | $3.5M | $2.9M | $3.0M | $7.7M | −$717,000 | −$2.9M | −$273,000 | −$1.2M | $1.2M | $2.2M |
| Operating income | $19.5M | $8.9M | $16.2M | $18.7M | $15.9M | $25.2M | $29.8M | $36.6M | $19.9M | $30.2M | $29.6M | $20.1M |
| Interest income | $44.2M | $46.0M | $49.5M | $50.6M | $52.5M | $53.2M | $56.0M | $59.8M | $54.5M | $51.1M | $48.6M | $41.3M |
| Interest expense | $16.6M | $16.2M | $17.1M | $18.4M | $19.3M | $18.5M | $19.3M | $22.3M | $17.7M | $16.9M | $18.1M | $15.2M |
| Income before taxes | $2.9M | $8.9M | $16.2M | $18.7M | $15.9M | $27.5M | $29.8M | $36.6M | $19.9M | $30.2M | $28.8M | $20.1M |
| Income taxes | −$680,000 | $255,000 | $276,000 | $4,000 | −$92,000 | $39,000 | $313,000 | −$18,000 | −$282,000 | $141,000 | — | −$27,000 |
| Net income | $3.6M | $8.7M | $15.9M | $18.7M | $16.0M | $27.4M | $29.5M | $36.6M | $20.2M | $30.0M | $28.8M | $20.1M |
| EBITDA | $19.5M | $8.9M | $16.2M | $18.7M | $15.9M | $48.1M | $29.8M | $37.9M | $20.6M | $30.2M | $29.6M | $20.1M |
| EPS (diluted) | $0.41 | $0.41 | $0.44 | $0.43 | $0.46 | $0.53 | $0.56 | $0.58 | $0.57 | $0.56 | $0.66 | — |
| Gross margin | 81.3% | 43.7% | 53.5% | 54.0% | 49.4% | 61.5% | 60.1% | 60.2% | 52.6% | 65.4% | 63.0% | 59.5% |
| Operating margin | 58.9% | 31.2% | 44.1% | 46.7% | 41.7% | 47.0% | 61.6% | 65.3% | 53.4% | 68.1% | 60.5% | 53.7% |
| Net margin | 10.9% | 30.3% | 43.3% | 46.7% | 41.9% | 51.2% | 61.0% | 65.4% | 54.1% | 67.8% | 58.8% | 53.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NCDL's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NCDL financial results
In fiscal year 2025 (ended December 31, 2025), Nuveen Churchill Direct Lending reported revenue of $201.8 million, up 8.5% from the year before. It had net income of $65.6 million (down 43.6%), a net profit margin of 32.5%. Diluted earnings per share came to $1.86. Over five years revenue grew at an average rate of 87.5% a year.
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NCDL income statement FAQ
What is Nuveen Churchill Direct Lending's annual revenue?
Nuveen Churchill Direct Lending reported total revenue of $201.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.5% from $186.0 million the previous year.
Is Nuveen Churchill Direct Lending profitable?
Yes. Nuveen Churchill Direct Lending reported net income of $65.6 million in fiscal 2025, a net profit margin of 32.5%; its operating margin was 71.2%.
What is Nuveen Churchill Direct Lending's gross margin?
Nuveen Churchill Direct Lending's gross margin was 84.9% in fiscal 2025: for every $100 of revenue, Nuveen Churchill Direct Lending kept $85 after the direct cost of its products and services.
How fast is Nuveen Churchill Direct Lending growing?
Revenue grew 87.5% a year on average over the last five fiscal years, from $8.7 million to $201.8 million.
What are Nuveen Churchill Direct Lending's earnings per share?
Nuveen Churchill Direct Lending earned $1.86 per diluted share in fiscal 2025, compared with $2.27 a year earlier.
When will Nuveen Churchill Direct Lending report its next earnings?
Nuveen Churchill Direct Lending is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Nuveen Churchill Direct Lending's fiscal year end?
Nuveen Churchill Direct Lending's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.