Southampton suffered a pre-tax loss of £87m in 2022-23, the season they were relegated from the Premier League.
The accounts, up to June 2023, show they spent almost £106m on players that year and only made £13m through player sales.
The squad that was relegated to the Championship cost £239m.
Their main expense was wages of more than £107m, an increase of 8% on 2021-22.
However, the club is a 'going concern' not considered to be at risk despite the losses.
Russell Martin's Southampton side are fourth in the Championship, five points off an automatic promotion place.