Nuveen Churchill Direct Lending Corp. (NCDL) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
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NCDL Revenue Growth
NCDL Revenue Analysis (2018–2025)
As of May 8, 2026, Nuveen Churchill Direct Lending Corp. (NCDL) generated trailing twelve-month (TTM) revenue of $176.5 million, reflecting significant decline in growth of -13.7% year-over-year. The most recent quarter (Q1 2026) recorded $46.3 million in revenue, down 11.2% sequentially.
Looking at the longer-term picture, NCDL's 5-year compound annual growth rate (CAGR) stands at +87.5%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $201.8 million in 2025, representing a new all-time high.
When compared to Financial Services sector peers including ARCC, FSCO, and GBDC. Compare NCDL vs ARCC →
NCDL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NCDLCurrent | $177M | -13.7% | +87.5% | 71.2% | |
 ARCC | $3.1B | - | - | 69.7% | |
 FSCO | $254M | - | - | 77.5% | |
 GBDC | $871M | - | - | 78.9% | |
 OBDC | $1.7B | - | - | 73.2% | |
 TPVG | $97M | - | - | 77.9% |
NCDL Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $201.8M | - | $171.3M | 84.9% | $143.7M | 71.2% |
| 2024 | $186.0M | - | $111.4M | 59.9% | $116.5M | 62.6% |
| 2023 | $144.0M | - | $86.0M | 59.7% | $76.8M | 53.3% |
| 2022 | $46.8M | - | $23.4M | 50.0% | $17.3M | 37.0% |
| 2021 | $39.3M | - | $29.4M | 75.0% | $27.3M | 69.5% |
| 2020 | $8.7M | - | $4.2M | 48.5% | $2.1M | 24.6% |
| 2019 | $15.9M | - | $13.9M | 87.7% | $17.3M | 108.6% |
| 2018 | $4.6M | - | $4.1M | 89.0% | $3.1M | 67.3% |
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Start ComparisonNCDL — Frequently Asked Questions
Quick answers to the most common questions about buying NCDL stock.
Is NCDL's revenue growth accelerating or slowing?
NCDL revenue declined -13.7% year-over-year, contrasting with the 5-year CAGR of +87.5%. TTM revenue fell to $177M. This reverses the prior growth trend.
What is NCDL's long-term revenue growth rate?
Nuveen Churchill Direct Lending Corp.'s 5-year revenue CAGR of +87.5% reflects the variable expansion pattern. Current YoY growth of -13.7% is below this long-term average.
How is NCDL's revenue distributed by segment?
NCDL reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.