Chelsea made a loss of £23.1 million ($34.9m, 32.9m euros) last season, the Premier League champions announced on Monday.
The west London club revealed their annual financial results until June 30, 2015 and reported the deficit kept them within Financial Fair Play limits.
The Blues, owned by Russian billionaire Roman Abramovich, announced revenues of £314.3m, marginally down on the 2013-14 high of £319.8m.
The figures may lead to some concern, with Chelsea 15th in the Premier League and with an unprecedented run required to secure the riches which accompany Champions League action next term.
Chelsea in November 2014 announced a profit of £18.4m, the largest surplus during Abramovich’s ownership.
The first profit of Abramovich’s ownership, which began in 2003, came in the Champions League-winning year of 2012, when a £1.4m surplus was announced.
The dip in revenues was attributed to Chelsea’s exit in the first knockout stage of the Champions League to Paris Saint-Germain, following their semi-final place the previous season.
Chelsea anticipate their revenues to improve again after a reported £40m-a-season shirt sponsorship deal with Yokohama.
“Following our Premier League championship-winning season, we expect the current year to produce record revenues once again,” Chelsea said in a statement.
“These will be powered by new commercial deals, including our record-breaking partnership with Yokohama, and revenues related to this season’s Champions League which improve due to entering as Premier League champions and an increase in TV revenue for English clubs.”
Chelsea chairman Bruce Buck added: “Chelsea Football Club has been consistent in our intention to comply with FFP and it was a primary aim in the past financial year to be one of the clubs with a continuous record of meeting the regulations, which we have achieved.”