For the first time, the Bundesliga giants smashed through the half a billion euro mark, breaking their previous best return of 432.8 million euros from the previous season which had seen them win the Champions League as well as the domestic double.
Overall profit after tax for the last season stood at €16.5 million, up from €14 million twelve months earlier.
Most of the total turnover came from ticket sales (€140.8 million), sponsorship (117.7 million), merchandising (105.2 million) and TV rights (54.9 million).
Bayern spent €53.6 million on transfers compared to 41.2 million in 2012/13.
"Without doubt, our Bayern Munich today are sitting at a sporting and economic level never previously known," deputy chief executive Jan-Christian Dreesen told the club's annual general meeting.
Dreesen added that the financial results were particularly satisfying given that the 346 million euros borrowed to finance their Allianz Arena stadium — built ahead of the 2006 World Cup — has been paid off, 16 years ahead of schedule.
In 2013/14, which was Pep Guardiola's first season as coach, Bayern romped to the Bundesliga title, only losing for the first time in the league once the championship was already wrapped up.
This season, they already have a seven-point lead after 12 games and have yet to be defeated in the Bundesliga.
Bayern have also qualified for the last 16 of the Champions League.
"It's a real joy every morning just coming into the office," club president Karl-Heinz Rummenigge told Bild.
"I just dream that we can reduce the cycle of winning the Champions League — we go too long between winning (European) titles.
"Until our victory in 2001, we had waited 25 years, then we waited another 12 years."