Manchester City brought in a record £535.2m last season, the club's 2018-19 annual report says.
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 £45m-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.