Manchester City are embarking on a "critical new phase" after posting record turnover for 2015-16, said chairman Khaldoon Al Mubarak.
City's revenue in the year to 31 May 2016 was £391.8m, an increase of 11.4%.
They made a £20.5m profit, with their wage-to-revenue ratio falling to 50%.
Khaldoon said: "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."
City's matchday revenue in the period rose by 21% to £52.5m, broadcasting revenue was up 19% to £161.4m, and commercial revenue grew 3% to £177.