Chelsea made a loss of £23.1m as they won the Premier League last season.
According to their annual financial results, the deficit kept them within Financial Fair Play (FFP) limits.
"It was a primary aim in the past financial year to be one of the clubs with a continuous record of meeting the regulations," said chairman Bruce Buck.
The Blues, who made a record £18.4m profit last year, announced revenues of £314.3m, down on the 2013-14 high of £319.8m.
The club, owned by Russian billionaire Roman Abramovich, expect revenues to improve again after a reported £40m-a-season shirt sponsorship deal.
"These will be powered by new commercial deals, including our record-breaking partnership with Yokohama," added Buck.
"They will also be enhanced by 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."
Uefa introduced FFP because it feared many clubs were risking their futures by spending beyond their means.