Oxford United recorded a profit of £403,000 for the year ending June 2010.
That marks a turnaround of £1.2m compared to the previous 12 months, when they showed a loss of £825,000.
The club's operating profit/loss before player transactions also improved by £742,000, to a £91,000 loss compared to an £833,000 loss in the year to June 2009.
Turnover increased by 37 per cent from £1.9m to £2.6m.
Chairman Kelvin Thomas admitted the club had hoped for even better results. However, the revenue from Wembley was less than expected.
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