Nuveen Churchill Direct Lending (NCDL) Cash Flow: Operating & Free Cash Flow

Nuveen Churchill Direct Lending Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Nuveen Churchill Direct Lending Corp. (NCDL) - 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
Operating Activities
Net Income	65.61	116.32	75.94	17.29	27.27	2.15	7.29	1.44
Change in Working Capital	10.81	22.01	-6.35	-19.09	20.55	1.95	-8.76	6.45
Change in Accounts Receivable	4.75	2.60	-7.83	-1.16	-6.18	1.52	-3.53	0.31
Change in Accounts Payable	6.34	19.32	1.46	-17.96	27.68	0.60	-5.23	6.14
Change in Other Working Capital	-10.25	-7.82	-3.78	-1.23	-0.30	-0.17	0.00	0.00
Other Operating Activities	-10.25	-7.82	-3.78	-1.23	-0.30	3.42	-0.15	-6.06
Net Cash from Operating Activities	194.16	-297.20	-369.53	-427.84	-389.12	7.52	-1.62	8.27
Investing Activities
Purchases of Investments	0.00	-863.57	-589.00	-502.25	-610.69	-211.20	-107.12	-173.51
Sales/Maturities of Investments	0.00	429.95	0.00	49.26	181.07	51.94	91.27	11.46
Other Investing Activities	0.00	0.00	146.43	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	0.00	-433.62	-442.57	-452.99	-429.62	-159.26	-15.85	-162.05
Financing Activities
Debt Repayment	-919.46	-721.10	-564.47	-466.80	-111.54	69.61	31.00	86.81
Common Stock Issued	0.00	241.66	218.90	174.59	209.21	95.00	-6.20	70.20
Common Stock Repurchased	-65.75	-33.53	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-102.25	-95.23	-63.19	-34.66	-14.71	-3.28	-5.63	-0.88
Other Financing Activities	-5.60	0.00	-4.48	0.00	0.00	0.00	0.00	0.00
Net Cash from Financing Activities	-174.98	273.06	397.65	431.93	411.70	161.33	19.17	156.13
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.05	-0.82	-0.41	-0.52	0.00
Net Change in Cash	19.18	-24.14	28.13	4.08	22.58	9.19	1.19	2.34
Cash at Beginning of Period	43.30	67.45	39.32	35.24	12.66	3.42	2.24	-0.10
Cash at End of Period	62.48	43.30	67.45	39.32	35.24	12.61	3.42	2.24
Free Cash Flow	194.16	-297.20	-369.53	-427.84	-389.12	7.52	-1.62	8.27

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 Cash Flow

What is Nuveen Churchill Direct Lending's free cash flow?

Nuveen Churchill Direct Lending generated free cash flow of $194.16M in fiscal 2025 (fiscal year ended Dec 31, 2025). Free cash flow equaled 253.4% of revenue.

Does Nuveen Churchill Direct Lending pay dividends or buy back shares?

Yes. In fiscal 2025 Nuveen Churchill Direct Lending returned $102.25M in dividends and $65.75M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition