Everton "remain in a secure financial position" thanks to owner Farhad Moshiri despite posting losses of more than £110m for a third straight season.
The Premier League club, who are just three points above the relegation zone, registered losses of £120.9m for the 2020-21 season.
However, £103m of that figure is attributed to the impact of Covid-19.
That comes after previous losses of £111.8m and £139.8m for the two previous seasons.
That makes a combined loss of £372m over three years, but the club say Covid-19 losses over the past two years amount to £170m, including last season where games were played behind closed doors.