Whilst Newcastle's season sees the in the bottom half of the Premier League a fifth-place finish last season helped the Mike Ashley owned club to achieve an operating profit of £7.5m.
While they re-entered the list of the world's top 20 clubs by turnover - it increased by 5.4% to £93.3m last year - Newcastle's profits fell from £13.3m but relative to the other clubs in that elite group the profit is still decent.
Spending on wages rose by 20% to £64.1m with the arrival of signings including Yohan Cabaye, Sylvain Marveaux, Davide Santon, Demba Ba and Papiss Cisse.
That puts the club's wages-to-turnover ratio at 68.7%, an annual rise of 8.1%.
Commercial revenues at St James' Park fell by 12.7%, though the latest figures do not include income from a new sponsorship deal with loan company Wonga.
But last season's strong performance on the field saw television income rise by 14.6%, and those revenues are set to increase further next year courtesy of improved broadcast rights agreements.
Average attendances at St James' Park rose to 49,936 - an increase of 2,190 - while ticket revenue fell by 7% after the club froze the price of season tickets.
Newcastle said they were: "Making significant strides towards meeting and exceeding Uefa's Financial Fair Play regulations".
The rules are broadly designed to make clubs - from the 2014-15 season - pay their bills and only spend what they earn.
Meanwhile on the pitch, Newcastle are still in the hunt for European silverware having reached the last stages of the Europa League which may help compensate for a poorer League position.