Cardiff City made a profit of £3.8m in their first season after relegation to the Championship, the year ending May 2015, according to the club's accounts.
The Bluebirds had lost £12m in the previous financial year during their debut Premier League campaign and £30m in 2013-14, when they won promotion.
Owner Vincent Tan has said he is ready to halve Cardiff's £140m debt.
The club were placed under a transfer embargo in January following a breach of Financial Fair Play rules.
In 2014-15, Cardiff reduced their annual player wage bill by more than £8m, down to £30.8m from £38.9m the previous year.
Cardiff's latest accounts also indicate that the club paid just over £3m relating to "employment termination costs and payments to other football clubs in compensation for the release of employee's contracts."
Former manager Ole Gunnar Solskjaer left the Bluebirds in September 2014 and he was replaced by ex-Leyton Orient boss Russell Slade in October 2014.