Burnley made a £22.2m net profit during the 2016-17 Premier League season and tripled their turnover to £121m.
The figures contrast the net loss of £3.74m from the previous season, when the Clarets won the Championship.
Staff costs almost doubled while the club also spent around £40m on transfers.
“We believe we now have a wage structure capable of attracting playing talent of a sufficient ability,” said chairman Mike Garlick.
“While our wage bill is still one of the lower ones in the division, it is most certainly not the lowest.”
Last season saw Burnley secure back-to-back top flight campaigns for the first time since 1974.
Sean Dyche’s side currently sit seventh in the Premier League table and had goalkeeper Nick Pope and defender James Tarkowski called up for England’s recent friendlies with the Netherlands and Italy.