Madrid's revenue of 577 million euros ($628 million) in 2014-15 kept it top of the Football Money League compiled by accountancy firm Deloitte.
"The planned redevelopment of the Santiago Bernabeu will help to continue the growth in matchday income in the coming years," said Dan Jones, a partner in the Deloitte sports business division.
The revenue of the world's top 20 clubs, which are all European and include nine from the Premier League, grew 8 percent year-to-year to 6.6 billion euros ($7.2 billion).
European and Spanish champion Barcelona regained second place by generating 560.8 million euros ($609 million), displacing Manchester United, which made 395.2 million pounds ($560 million) while still struggling on the pitch in the post-Alex Ferguson era.
"Despite a reduction in revenue year-on-year, the fact that Manchester United remain in the top three of the Money League demonstrates the underlying strength of the club's business model," Deloitte senior manager Tim Bridge said.
French champion Paris Saint-Germain climbed to fourth by generating 480.8 million euros ($522 million), followed by Bayern on 474 million euros ($515 million).