Norwich have announced losses of £38million for the financial year ending June 2019.
The Canaries won promotion to the Premier League last season, but it was the first campaign in eight years without the top-flight's parachute payments.
Norwich revealed losses of £32.8m on "operating activities" and spent £10.4m on new players such as Emiliano Buendia, Moritz Leitner and Philip Heise.
But £20.6m was raised through the sale of players, including Josh Murphy, Alex Pritchard and James Maddison, the club said.
A sum of £7.2m was spent on the club's fixed assets, which included £6m on a new academy gym at the Lotus Training Centre and £3.8m was also paid out to investors through the Canary Bond.
Interest and tax paid on "other cash flow movements" amounted to £600,000.
"After the inclusion of player bonuses and payments to other clubs following promotion to the Premier League, operating losses for the period are listed at £38m," the club said on their official website.
"Following promotion to the Premier League the club anticipates a substantial operating profit in the financial year to June 2020."
Norwich's chief operating officer Ben Kensell added: "These figures demonstrate the club's financial resilience with our first year without parachute payments whilst achieving promotion to the Premier League as champions."
The Canaries are currently second bottom in the Premier League after winning two of their first 11 matches.
