Fifteen of the Premier League's 20 clubs - including champions-elect Chelsea, big-spending Manchester clubs United and City -- recorded a profit in their 2013-14 accounts, according to a report in the Guardian.
The results compare favourably to 2012-13 when 12 of the 20 clubs made losses, with the division making a total loss of £291 million.
After financial fair play rules were introduced in 2013, increase in players' wages was recorded at 5.5 percent, helping to ease the outgoings of top-flight sides.
In February, United's executive vice chairman Ed Woodward said: "Clubs are determined not to be continually loss-making."
The overall 2013-14 income in the division increased by 22 percent, aided by the Premier League's current £5.5bn TV deal.
The Premier League said in a statement: "Two years ago Premier League clubs agreed to introduce financial regulations that encourage sustainable investment and limit the amount of centrally distributed revenue that can be spent on player costs.
"That decision, combined with increased income, has contributed significantly to the strong set of club financial results."
Stoke chairman Peter Coates said: "In previous years every time the money came in, before you could blink it had all gone in players' wages. We couldn't have that happen this time.
"It is a difficult balancing act and we will now be criticised for making too much money and not investing it, but I didn't believe we could continue being the world's richest league while all losing money."