Nuveen Churchill Direct Lending Corp. (NCDL) Revenue History
Annual and quarterly revenue from 2018 to present
NCDL Revenue Over Time (2018–2025)
NCDL Revenue Growth History
6 of 7 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- +246.6%
- FY2020 revenue growth
- -45.2%
- FY2021 revenue growth
- +350.6%
- FY2022 revenue growth
- +19.3%
- FY2023 revenue growth
- +207.6%
- FY2024 revenue growth
- +29.2%
- FY2025 revenue growth
- +8.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $43.0M | — |
| Q4 2025 | $36.7M | — |
| Q3 2025 | $40.0M | — |
| Q2 2025 | $38.2M | — |
| Q1 2025 | $53.6M | — |
| Q4 2024 | $48.3M | — |
| Q3 2024 | $56.0M | — |
| Q2 2024 | $37.3M | — |
Multi-year avg. share of annual revenue by fiscal quarter
NCDL Revenue Analysis (2018–2025)
Current Revenue & Growth
As of June 28, 2026, Nuveen Churchill Direct Lending Corp. (NCDL) generated trailing twelve-month (TTM) revenue of $157.9 million, reflecting significant decline in growth of -19.8% year-over-year. The most recent quarter (Q1 2026) recorded $43.0 million in revenue, up 17.0% sequentially.
Historical Growth Trajectory
NCDL's 5-year compound annual growth rate (CAGR) stands at +87.5%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +62.8% is below the 5-year average, signalling a growth deceleration in recent years. Nuveen Churchill Direct Lending Corp.'s highest annual revenue of $201.8 million was recorded in 2025, an all-time high.
Peer Comparison
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 | $158M | -19.8% | +87.5% | 71.2% | |
 ARCC | $3.1B | - | - | 69.7% | |
 FSCO | $206M | - | - | 74.5% | |
 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% |
Intrinsic Valuation
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Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
NCDL — Frequently Asked Questions
Quick answers to the most common questions about buying NCDL stock.
Is NCDL's revenue growth accelerating or slowing?
NCDL revenue is declining -19.8% year-over-year. TTM revenue fell to $158M, contrasting with the 5-year CAGR of +87.5%. The reversal reflects either macro headwinds or company-specific challenges.
What is NCDL's revenue history from 2018 to 2026?
Nuveen Churchill Direct Lending Corp. (NCDL) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $158M, growing at -19.8% YoY. The 5-year CAGR is +87.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is NCDL's long-term revenue growth rate (CAGR)?
Nuveen Churchill Direct Lending Corp.'s 5-year revenue CAGR of +87.5% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -19.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for NCDL.
Why does NCDL's quarterly revenue fluctuate?
NCDL quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Nuveen Churchill Direct Lending Corp.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is NCDL's revenue distributed by segment?
NCDL reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does NCDL's revenue compare to industry peers?
Nuveen Churchill Direct Lending Corp. (NCDL) with TTM revenue of $158M and -19.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.