Rangers have posted a £5.9m operating profit for the year to June 2022 with the club's accounts also revealing a record turnover of £86.8m.
The profit is a significant improvement of £27.6m compared to last year's operating loss, with club chairman Douglas Park commenting the upturn "demonstrates the success and progress achieved over the last 12 months."
Last season Rangers' men's team reached the Europa League final - which generated £30.5m in total - and won the Scottish Cup, while the women's side clinched the SWPL1 title for the first time - all contributing to a record turnover.
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The sale of Nathan Patterson to Everton, for what was a club record fee at the time, plus the £4.25m received from Aston Villa in compensation for former boss Steven Gerrard and his backroom team were also included in this report.
Champions League participation and sales of Joe Aribo and Calvin Bassey will be reflected in next year's accounts which Park is confident "will report a positive net profit."
Rangers, who will hold their AGM on December 6, also reported first-team player costs are up by £4.3m to £37.8, while total liabilities have increased too.
'We will not stand still'
Rangers chairman Park added: "The past year has provided many highs and lows, along with challenges both on and off the park, but ultimately, I believe we are continuing to grow stronger as a club.
"This time last year, I repeated my belief from 2015 when this current board took control of the club, that this would be a 10-year recovery project.
"While there have been moments in the last year that have exceeded both my own and the board's expectations (with specific reference to the Europa League run to the final) we cannot, and will not, stand still and continue to have so much more to do.
"Assisting us on that path are our strong executive team and talented staff both at Ibrox and at the Rangers Training Centre. Rangers was created by four pioneers, and it should be and is the aim of every single employee of the club to continue in that spirit.
"Beginning on the pitch, we appointed Giovanni van Bronckhorst as our football manager last November. As well as delivering us the Scottish Cup for the first time in 13 years he also, as I touched on earlier, gave the club a thrilling European journey where we came within a kick of winning only our second European trophy.
"This season, under Gio's leadership, he and the players returned us to the UEFA Champions League for the first time in 12 years by navigating two difficult qualifying rounds in August.
"Our 'player trading model' is something your board mention on a number of occasions. On joining the club, Ross Wilson, our sporting director, was mandated by the board to build a modern football department.
"Player trading success was essential to this, as it is a key revenue stream for the majority of European clubs. We are pleased that in the last 12 months, we have achieved two club record sales through our player recruitment and player development processes.
"Academy graduate Nathan Patterson departed in January, with Everton paying what was a record fee for the club.
"That was surpassed in the summer when Calvin Bassey, whom we had signed for a compensation fee to Leicester City, was sold to Ajax. The summer transfer window also saw Joe Aribo depart to Southampton.
"Our academy continues to perform strongly, with Leon King the latest academy graduate to make the breakthrough to become a regular fixture in the first team matchday squad. Encouragingly, 14 players from the academy have made appearances for the first team since the start of season 2021/22.
"The introduction of our B team into the Lowland League has been a fantastic success with the team being challenged week in, week out. Additionally, qualification of our first team for the UEFA Champions League Group Stages opened the door for our under-19s to feature in the UEFA Youth League group stages for the first time.
"Our women's football operation is something the board are very passionate about. Led by Amy McDonald and Malky Thomson, the club won our first SWPL title in May, and were exceptionally unlucky not to qualify for the UEFA Women's Champions League group stage after a valiant effort against Benfica in qualifying.
"Our entire football operation, led by Ross Wilson, now operates in a world-class environment at the Rangers Training Centre. The board is committed to further improvements to ensure we retain a facility among the very best in the UK."
GVB: I will never stop striving to make us better
Manager Giovanni van Bronckhorst said: "Just under a year ago, I was approached to be the manager of this great football club and institution, and having had such a special time here as a player, it was a decision that was very easy for me.
"I have been fortunate to have featured in some of the biggest matches in world football, to have played at some of the most famous stadiums and have won so many prizes, but my time in Glasgow always retained a special place in my heart.
"Yes, we had a very good team in a very good moment when I was here previously, but it was the warmth of the people and the incredible backing - unmatched almost anywhere else in world football - from you, our supporters, that made Rangers such a special place.
"And in the last 12 months, all the memories of the past have come flooding back as we have created new memories with some truly unbelievable days and nights both at home and abroad. Forefront to that has been some of the astonishing European nights we have had.
"To take 100,000 supporters to Seville at 13 days' notice just shows the incredible power this club has, and every single one who travelled must be commended for the outstanding way in which they enjoyed themselves. I just wish we could have got ourselves over the line that night, but it wasn't to be.
"At the end of the day, Rangers is about winning, and I was so pleased for everyone associated with the club that just three days after Seville, we defeated Hearts to win the Scottish Cup for the first time in 13 years.
"This new season saw us enter the market early to strengthen the squad in order to be ready to navigate the Champions League qualifiers and reach the Group Stage for the first time in 12 years.
"Of course, we were all delighted to successfully get there, and I was particularly pleased with the courage and determination shown by our players over two difficult ties with PSV.
"Given we had moved early in the market, it was pleasing to see some of our summer recruits scoring the goals that took us there - Colak, Tillman and Lawrence.
"Along with our sporting director, Ross Wilson, I will never stop striving to make us better. Ross is focused on developing the whole football side of the club from our youngest academy team and we work closely together to ensure the first team keeps progressing as our number one focus, not only on the pitch but also in the facilities and infrastructure.
"Qualifying for the Champions League was the last major milestone in the Club's footballing 'recovery', and while there is no doubt it has been a difficult challenge for us, I believe we will be better for these, tough experiences in the seasons to come.
"I want to again put on record my sincere thanks to you, our shareholders and supporters, for the backing you give us both on and off the pitch. Everything we do, we do to try and make you proud. This is one of the truly great football clubs in the world, and I am incredibly proud to be its manager."