A poor performance in last season's Champions League led to a drop in turnover for Chelsea, which also announced losses of 23.1 million pounds.
Chelsea suffered losses of 23.1 million pounds ($34.9 million) and a drop in turnover for the financial year ending June 30, 2015.
The Premier League champion announced its financial results for the year on Monday, confirming the loss on revenues of £314.3M ($475.4M) for the year.
Turnover fell from £319.8M to £314.3M, a reduction the club attributes to its Champions League performance in the 2014-15 season.
Chelsea was knocked out in the last 16 by Paris Saint-Germain in the previous campaign, having reached the semifinals in 2013-14.