Manchester City posted record turnover of 391.8 million pounds (479 million dollars) for the year to May 31, 2016 and a profit of 20.5 million pounds.
The revenue figures represented an increase of 11.4 per cent while their wage-to-revenue ratio fell to 50 per cent.
However, the figures do not include this summer's spending of just over 154 million pounds by new manager Pep Guardiola.
City chairman Khaldoon Al Mubarak said everything was set to provide success at the club in the coming years.
"We have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead," the BBC quoted him as saying.
It is the eighth year in a row that turnover has increased, since Sheikh Mansour bought the club in September 2008.
"The 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City," Khaldoon said.
"Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other."
City sit top of the Premier League on goal difference from Arsenal.
