Morgan Stanley Direct Lending Fund (MSDL) Earnings History
Elite Compounder6 years of earnings data (2020–2025) · 5-year EPS CAGR exceeds 18% — top-tier earnings quality
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Morgan Stanley Direct Lending Fund (MSDL) Earnings Overview
As of November 8, 2026, Morgan Stanley Direct Lending Fund (MSDL) reported trailing twelve-month net income of $73M, reflecting -42.4% year-over-year growth. The company earned $0.87 per diluted share over the past four quarters, with a net profit margin of 48.7%.
Looking at the long-term picture, MSDL's 5-year EPS compound annual growth rate (CAGR) stands at +46.1%, indicating exceptional earnings growth. The company achieved its highest annual net income of $231M in fiscal 2023.
Morgan Stanley Direct Lending Fund maintains industry-leading profitability with a gross margin of 125.0%, operating margin of 102.9%, and net margin of 48.7%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including ARCC ($875M net income, 86.3% margin), FSCO (N/A net income, 91.5% margin), OBDC ($341M net income, 58.0% margin), MSDL has room to improve margins relative to the peer group. Compare MSDL vs ARCC →
MSDL Earnings vs Peers
Earnings metrics vs comparable public companies
MSDL Historical Earnings Data (2020–2025)
6 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $122M | -43.4% | $258M | $1.40 | 48.7% | 102.9% |
| 2024 | $216M | -6.7% | $218M | $2.43 | 102.8% | 104.0% |
| 2023 | $231M | +375.9% | $233M | $2.62 | 107.3% | 108.0% |
| 2022 | $49M | -41.7% | $49M | $0.55 | 146.9% | 148.0% |
| 2021 | $83M | +355.0% | $83M | $0.94 | 107.3% | 107.4% |
| 2020 | $18M | - | $18M | $0.21 | 92.7% | 92.7% |
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MSDL — Frequently Asked Questions
Quick answers to the most common questions about buying MSDL stock.
What is MSDL earnings per share (EPS)?
MSDL trailing twelve-month (TTM) diluted EPS is $0.87, reflecting -42.4% year-over-year growth. The 5-year EPS CAGR is +46.1%. Complete EPS history from 2020 to 2025 is available in the table on this page.
What is Morgan Stanley Direct Lending Fund's net income?
Morgan Stanley Direct Lending Fund (MSDL) trailing twelve-month net income is $73M as of 2025. Earnings declined -42.4% year-over-year. Morgan Stanley Direct Lending Fund has been profitable for 6 consecutive years.
Is MSDL profitable?
Yes, MSDL is profitable with a TTM net income of $73M and a net profit margin of +48.7%. Morgan Stanley Direct Lending Fund has generated profits for 6 consecutive years.
What is MSDL's earnings growth rate?
MSDL compound annual EPS growth rates (CAGR): 1-Year: -42.4%, 3-Year: +36.5%, 5-Year: +46.1%, 10-Year: N/A. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 2020 to 2025.
What are MSDL's profit margins?
Morgan Stanley Direct Lending Fund net profit margin is +48.7%, operating margin is +102.9%, and gross margin is +125.0%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +6.8%.
Is MSDL growing earnings?
MSDL earnings are declining — EPS fell -42.4% year-over-year. TTM net income dropped to $73M. This contrasts with the 5-year CAGR of +46.1%.
What was MSDL's best earnings year?
Morgan Stanley Direct Lending Fund's highest annual net income on record is $231M, achieved in fiscal year 2023. Earnings history on this page spans 2020 to 2025 and includes all annual and quarterly figures.
What were MSDL's earnings last quarter?
MSDL's most recent reported quarter was Q3 2026. Net income was $41M with diluted EPS of $-0.32. For a full breakdown of all quarters, see the quarterly earnings table on this page.