Manchester City chairman Khaldoon Al Mubarak says the club's journey "is not complete" despite reporting revenues in excess of £500m last season.
City's annual report, to 30 June 2018, confirms they are the second English club to break the £500m barrier.
The club reported a profit for the fourth successive season, this time of £10.4m and a wage-revenue ratio of 52%.
The healthy financial report comes four months after City won the Premier League by a record 19 points.
Pep Guardiola's side also became the first to achieve 100 points and score in excess of 100 goals.
Al Mubarak said: "Our journey is not complete and we have more targets to fulfil. We will always strive for more."
Chief executive Ferran Soriano added that further progress in the Champions League was a specific focus.
City have just completed 10 years under the ownership of Sheikh Mansour's Abu Dhabi United Group.
In 2007-08, their revenues were £104m, less than Turkish side Fenerbahce.
Now, only Real Madrid, Barcelona, Bayern Munich and Manchester United generate greater income than City, who have increased the capacity of the Etihad Stadium to 55,000.
Al Mubarak said: "Most of the developments visible today are the result of a carefully crafted strategy."
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