Real Madrid maintained first place in the latest Club Licensing Benchmark report by the ruling body UEFA published on Thursday, boasting revenue of 578 million euros (609 million dollars).
The Champions League winners Real raised their revenue by 28 millions to rank ahead of Spanish rivals Barcelona (561) and England's Manchester United (521) in the 2015 report.
German champions Bayern Munich slipped from third to fifth with 474 million euros, behind Paris Saint-Germain (484), with 12 million euros less revenue than in 2014.
According to UEFA, club revenues in Europe have grown sixfold compared to 1996, with the top 30 clubs' now at 8.9 billion euros.
Apart from United, English clubs have significant growth, with manchester City on 45 million euros, Arsenal 89 million, Chelsea 30 million and Liverpool 83 million in positions six to nine.
The UEFA figures vary from those released by clubs because UEFA doesn't include transfer income.
The report also said that Europe held 82 per cent of the global player market value of 30.6 billion euros, and that within the continent the Premier League ranked first with 4.4 billion euros, ahead of Spain's Liga (3.25 billion), Italy's Serie A (2.575) and the German Bundesliga (2.38).
UEFA said that 44 European clubs are under foreign ownership, with England top again there with 20 clubs in the Premier League and Championship.