Bernabeu club continues to grow despite only winning one trophy.
Real Madrid have increased their revenue by eight per cent over the 2010-11 season to nearly half a billion euros.
The world’s richest club says it earned €480.2million (£418.9million) for a net gain of €31.6million (£27.5million).
The net profit margin was also up from €24million (£20.9million) the season before.
Los Blancos managed this despite only winning the Copa del Rey, showing a business can be run without success on the pitch.
Madrid also says its net debt dropped from €244.6million (£213.4 million) to €169.7million (£148million).
Madrid, which leads Spanish rival Barcelona and English champion Manchester United, says the revenue figures are “the biggest sum of any sporting institution in the world.”