The University of Texas athletics department had $165.7 million in operating revenue and $146.8 million in operating expenses for 2012-13, according to records obtained by USA Today.
Both figures are school records for Texas.
Last month, Forbes named Texas as college football's most valuable team with income of $109 million, more than $20 million more than the next closest team. Forbes also reported that the team led the nation in merchandise sales.
The school's year-over-year increase in operating expenses was $8.5 million, according to the USA Today report.
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Texas' athletics department is among the few nationally that gets no revenue from student fees or institutional or state sources. The department transferred $9.2 million of its 2012-13 operating surplus to the university – up from $8.3 million in transfers in 2011-12.
The year-over-year revenue increase is the smallest that Texas has reported during the nearly 10 years for which USA TODAY Sports has compiled these data for all NCAA Division I public schools. The data set begins with the figures schools reported for the 2004-05 fiscal year. The smallest increase Texas previously had reported during this period was a $5.1 million jump from 2008-09 to 2009-10.