Everton made a club-record profit of £28.2m for the year ending 31 May 2014.
The £120.5m turnover was the highest in their history, helped by the lucrative new Premier League TV deal and rises in sponsorship income and gate receipts, plus profits on player sales.
Everton have also reduced net debt to £28.1m from £45.3m, according to their latest accounts, published on Friday.
"We are moving forward on so many fronts off the field as well as on it," Everton chairman Bill Kenwright said.
The club returned a profit for the second successive year, having made £1.6m in 2012-13.