Chelsea made a loss of £23.1 million 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.