The latest accounts from Heart of Midlothian include a record £20.8m turnover, an increase of more than £6m from last year.
Involvement in last season's Europa Conference League group phase is the key driver for the 42% jump.
Donations totalled more than £6m, with fans' group Foundation of Hearts and benefactor James Anderson the main contributors.
Overall profit is £298,000, down from £1.75m 12 months ago.
Staff costs (football and non-football) increased by £4.1m and operating costs went up by £2.4m, as commercial operations delivered an upturn of £2.1m
The Edinburgh club value their net assets at £24.4m.
"Financially, this was an excellent year for the club - with record revenues, reinvested in further developing our playing squads (Men's A and new Men's B team as well as Women's A) and our staff teams, continuing to improve the club's infrastructure, and enhancing Tynecastle Park," read a statement.
Having not been involved in European football since the 2016-17 season, Hearts made it to the Europa Conference League, losing home and away to Fiorentina and Istanbul Basaksehir and beating RFS of Latvia twice.
This term, they lost out to PAOK in the play-off round of the tournament.
"Our commercial teams delivered exceptional results, supported by our dedicated fans. Record-breaking sales in sponsorship, advertising, retail, hospitality, and ticketing were complemented by a sold-out season ticket allocation and a record waiting list," added the statement.
"The increase in revenue, along with the ongoing support from the Foundation of Hearts and our generous benefactors, allowed us to substantially increase the investment in our playing budget across all teams as well as our backroom support teams and facilities."
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