Manchester City brought in a record £535.2 million last season, the club’s 2018-19 annual report stated.
It was City’s 11th successive year of revenue growth and closes the gap on local rivals Manchester United, the Premier League’s richest club.
The figure is projected to rise again next year given City have already qualified for the knockout stages of the Champions League.
Payments from a £45 million-a-year Puma kit deal will also start to take effect.
United have already said their turnover will fall to between £560 million and £580 million this year because of their failure to qualify for the Champions League.
The period covers a campaign when City’s men’s and women’s teams won a combined six trophies, including a clean sweep of English domestic honours for Pep Guardiola’s side.
“This outcome represents not just a season, but a decade of hard work,” said Blues chairman Khaldoon al-Mubarak. “The organisation is now at a level of maturity that allows us to plan in multi-year cycles.”
City recorded a profit of £10.1 million and a wage/turnover ratio of 59 per cent.