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Hearts say they made a net operating loss of £400,000 for the year ending 30 June, despite increased turnover, European football and profit in player trading.
Brighton owner Tony Bloom paid nearly £10m to acquire a 29% stake in the club, with the deal concluded on 25 June. The club said this is reflected in the balance sheet, rather than the profit and loss account.
However, "income was further bolstered by total donations from benefactors and the Foundation of Hearts of just under £6m", the club said.
A loss for the financial year of almost £2m is listed in the annual accounts.
"The aforementioned investment, coupled with the financial impact of the poor on-pitch performance during the 2024-25 campaign and continuing inflationary cost pressures, as witnessed across the industry and wider economy, contributed to a net operating loss (after inclusion of £1.3m of player trading gains) of £0.4m," the club said.
"This is improved from last year's equivalent figure of £1.2m.
"Our balance sheet remains healthy with net assets of £27.6m at year end, strengthened by the completion of Tony Bloom's investment in the club in June 2025."
Turnover increased 21% to more than £24m while the club says it "very significantly increased" gains from changes to the men's squad. Alex Cochrane and Kye Rowles were among the players that were sold for undisclosed fees during the accounting period. Loans have increased from £3.42m to £5.17m.
Under Steven Naismith and then Neil Critchley, Hearts took part in European fixtures last season and played six Conference League games in the autumn of 2024. They exited the competition at the league phase and finished seventh in the Scottish Premiership.
Critchley was dismissed near the end of last season, with Derek McInnes appointed his successor and currently managing a side nine points clear at the top of the Scottish Premiership.
In the SWPL, Eva Olid's Hearts women finished fifth last season.
Hearts will hold their annual general meeting on 4 December, when chair Ann Budge will stand down to be replaced by Edinburgh-based businessman Callum Paterson.
