Record-breaking broadcasting deals ensured Manchester City posted a new high of £535million in revenue, despite marginal falls in both matchday and commercial profits last season.
The clean sweep of domestic honours helped the club secure a £10.1million profit, the eleventh consecutive year of growth under the ownership of Abu Dhabi royal family.
However, this year's profit increase was fuelled mainly thanks to rising handouts from the Premier League and Champions League TV rights deals, which rose for City from £211.5million in 2017-18 to £253.2million. Matchday revenue has slipped by £1.7million, while commercial has fallen £5.3million, according to the club's new annual report.
City's wage bill has surged to £315million from £260million the previous season, the annual report shows, after a number of bumper new contracts were agreed with some of the club's stars over the past 12 months.
The club's wage to turnover ratio had risen significantly, from 52 per cent in 2017/18, to 59 per cent. Domestically, City remain second only to neighbours United (£332million) in terms of their overall spend on wages.
City chairman Khaldoon Al Mubarak said the overall profits showed the club's success was becoming sustainable. "This strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality," he said.
City described their wage-to-revenue ratio of 59 per cent as "healthy".
"This outcome represents not just a season, but a decade of hard work," Al Mubarak added. "The organisation is now at a level of maturity that enables us to plan on multi-year cycles both in terms of our management of squads and more widely across the business. This strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality."
Al Mubarak promised continued commitment to invest in both youth football and premium facilities pledging to “continuously improve and innovate, be that on the pitch, commercially, in infrastructure development or in our service to fans and our community.”
Chief Executive Officer Ferran Soriano said: “We can all be sure that we will be focused, resilient and consistent in our approach."
City have one of the highest turnovers in Europe, but trail some of the top clubs on profit. Liverpool broke the world record for the biggest pre-tax profit made by a football club during the 2017-18 financial year, posting a pre-tax profit of £125m, eclipsing the £92.5m made by Leicester City in 2016-17.
City value their brand at £1.3bn, which they claim is the fifth biggest in Europe, behind Bayern Munich, Barcelona, Manchester United and Real Madrid.
The period covers a campaign when City's men's and women's teams won a combined six trophies, including the treble of English domestic honours for Pep Guardiola's side.
Profits will almost certainly rise again next year given City have already qualified for the knockout stages of the Champions League. Payments from a £45million-a-year Puma kit deal will also start to take effect. United have already said their turnover will fall to between £560m and £580m this year because of their failure to qualify for the Champions League.
The figures come a week after Manchester City's bid to derail a Uefa investigation into potential financial fair play deceptions was thrown out of sport's appeal court. The club - which said in May that it was "entirely confident" of being cleared over an alleged £60million breach - had launched a concerted challenge at the Court of Arbitration for Sport (CAS) in Lausanne. The appeal focussed on the legitimacy of investigating allegations first published by the Football Leaks scandal.