Southampton have announced a post-tax profit of £33.4 million for the year ending June 30, 2014.
It is the first time the club, who finished eighth in the Premier League last season, have posted a profit since entering administration in 2009, when they were relegated to League One.
Total revenue increased to £106m (up from £71.8m the previous year), with the rise accounted for by the more lucrative television rights deal.
However, the St Mary's Stadium outfit expanded the wage bill from £41.4m to £55.2m and showed debts of approximately £50m.
Chief executive officer Gareth Rogers told the club's official website: "There are lots of positives to take from these financial results. Recording the first profit and positive net asset position for the first time since administration in 2009 is very pleasing.
"It shows the health of the club and the group is strong and the foundations are there to be built on.
"The opening of the Staplewood Campus training ground in November was an important step for the football club. A substantial investment was ploughed into the development and the state-of-the-art facilities will further enhance the staff's ability to maximise the potential of our first team and academy players.
"Our focus remains on developing significant commercial growth which will support our vision to create a sustainable business model.
"We have a strong business plan in place and we're already seeing the green shoots of that plan. We believe it is possible to be a well-managed, well-structured football club that is successful both on and off the pitch."