Milan ran at a profit in the second semester of 2022, a significant improvement on losses last year, and spent a total of €56m on the transfer market.
The Rossoneri won the Scudetto in 2021-22 and this term reached the Champions League semi-finals, so those results are also expected to boost their revenue.
Calcio e Finanza examined the paperwork and found that the club ran at a profit of €9.8m from July 1 to December 31, 2022.
A year ago, the same period in 2021 the club was found to be running at a loss of €12.2m.
Revenue also increased from €129m to €144m in 2022, and this does not include the income from UEFA for the Champions League knockout round results.
Milan were accused of not investing enough in strengthening the squad during the summer and the figures show the club spent a total of €56m between new signings, loans and purchase options.
The biggest expense was Charles De Ketelaere for €35.5m, followed by €8.54m for defender Malick Thiaw, €5.45m to purchase Junior Messias outright from Crotone, €2.65m on Alessandro Florenzi and €0.66m for free agent Divock Origi.
They also spent €824,000 on the Brahim Diaz loan from Real Madrid, €400,000 for Aster Vranckx and €399,000 for Tiemoue Bakayoko.
As these are the semester figures, those would be doubled to cover a season-long loan.
Milan were aided by some of their former players, picking up €3m from Lucas Paqueta’s sale to West Ham United, €1.6m on Matteo Pessina to Monza and €300,000 from Giovanni Crociata at Crotone.