Arsenal's latest financial results show a record £110.5m spent on players, and an increase in turnover to £191.1m for the six months ending 30 November 2016.
During the summer, the club signed midfielder Granit Xhaka for £38.25m, defender Shkodran Mustafi for £34.85m, and forward Lucas Perez for £17m.
The club's profit before tax was £12.6m, compared to a loss of £6.2m for the same period in 2015.
Arsenal's cash reserves stand at £100.5m, down from £135.9m a year ago.
The results were announced as speculation continues over the future of manager Arsene Wenger following last week's 5-1 defeat by Bayern Munich in the Champions League.