Formula One champions Mercedes spent 333 million pounds ($442 million) in winning both titles last year but still reported a profit, according to the team's published 2019 accounts.
Mercedes are on course to win both titles again this season for the seventh year in a row, with six-times world champion Lewis Hamilton 47 points clear of his closest rival Max Verstappen after seven races.
The results to end-December showed Mercedes made a post-tax profit of 14.7 million pounds, compared with a previous 12.6 million.
They won 15 races last year, including nine one-two finishes, and 32 podium places in all.