As City marched to an unprecedented fourth successive Premier League title last term, their revenue rose from £712.8million to the new record mark for the year to June 30.
However, profits dipped from £80.4 million in City's treble-winning 2022-23 campaign to £73.8 million last season.
They experienced a drop in broadcast income due to Pep Guardiola's side failing to repeat their run to win a first Champions League crown in 2023.
City's current investments include a £300 million expansion of the north stand of the Etihad Stadium.
Chairman Khaldoon Al Mubarak said in the club's annual report: "Our constant ambition to target and achieve the unprecedented is a mark of the organisation that we have become.
"On and off the field, our passion for the next challenge is underpinned by deliberate and detailed planning and a shared belief in the collaborative learning culture that we have built.
"Our focus remains on further evolution and growth and therefore further value creation in all aspects of our business."
Beaten by Juventus in the Champions League on Wednesday, City face Manchester United in the Premier League on Sunday as they try to halt a damaging run of one win in 10 games in all competitions.
They are in danger of failing to make the Champions League last 16 and sit eight points behind Premier League leaders Liverpool after their shocking slump.
City are awaiting a decision on the 115 charges of alleged breaches of financial rules brought against them by the Premier League.
The club, who have strongly denied the charges, could face a points deduction or even relegation from the top-flight if they are found guilty.
