Nuveen Churchill Direct Lending (NCDL) Income Statement

Nuveen Churchill Direct Lending reported revenue of $76.61M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 58.8% from $186.00M a year earlier. Net income was $65.61M, down 43.6% year over year, a net margin of 85.6%. Gross margin was 223.6% and operating margin 187.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $5.67M, down 85.2% from the same quarter a year earlier.

Nuveen Churchill Direct Lending Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Nuveen Churchill Direct Lending Corp. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Revenue & Gross Profit
Revenue	76.61	186.00	144.01	46.82	29.43	8.71	15.89	4.58
Cost of Revenue	30.54	74.58	57.98	23.42	9.83	4.49	1.96	0.50
Gross Profit	171.31	111.42	86.03	23.39	29.43	4.23	13.93	4.08
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Selling, General & Administrative	8.24	6.54	6.19	3.99	2.68	2.50	-	-
Operating Expenses	10.85	-5.05	9.26	6.08	2.16	2.08	-	-
Operating Income	143.66	116.48	76.77	17.31	27.27	2.15	17.25	3.08
Other Income/Expense
Interest Income	205.76	213.10	160.51	80.66	35.02	13.05	0.00	0.00
Interest Expense	73.22	79.88	61.21	25.70	9.83	4.49	0.00	0.00
Other Income/Expense	-77.90	0.00	0.00	0.00	0.00	0.00	0.00	-1.65
Income
Income Before Tax	65.76	116.48	76.77	17.31	27.27	2.15	14.03	3.64
Income Tax Expense	0.15	0.15	0.83	0.02	0.00	0.00	14.03	3.64
Net Income	65.61	116.32	75.94	17.29	27.27	2.15	7.29	1.44
Net Income - Continuous Operations	65.61	116.32	75.94	17.29	27.27	2.15	7.29	1.44
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	143.66	116.48	76.77	17.31	27.27	2.15	19.11	4.03
EBIT	-	-	-	-	-	-	-	-
Depreciation & Amortization	0.00	0.00	0.00	0.00	0.00	0.00	1.86	0.95
Earnings Per Share
Basic EPS	1.00	2.00	2.00	1.00	-	-	2.00	-
Diluted EPS	1.00	2.00	2.00	1.00	-	-	2.00	-
Basic Shares Outstanding	50.29	54.12	33.39	23.28	54.82	4.96	4.07	4.07
Diluted Shares Outstanding	50.29	54.12	33.39	23.28	54.82	4.96	4.07	4.07

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Nuveen Churchill Direct Lending Financial Statements

What was Nuveen Churchill Direct Lending's revenue in fiscal 2025?

Nuveen Churchill Direct Lending reported revenue of $76.61M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 58.8% from $186.00M a year earlier.

Is Nuveen Churchill Direct Lending profitable?

Yes. Nuveen Churchill Direct Lending earned net income of $65.61M in fiscal 2025, a net margin of 85.6%. In fiscal 2024 it earned $116.32M.

What is Nuveen Churchill Direct Lending's operating margin?

Nuveen Churchill Direct Lending's operating income was $143.66M on revenue of $76.61M in fiscal 2025, an operating margin of 187.5%, compared with 62.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition