The revenue figure for 2012 was $425 million, up $82 million on the previous year, thanks mainly to the start of a new broadcast rights deal.
The league on Monday announced a net profit of $6.7 million, after distributing more than $200 million to clubs.
Of that figure, $15 million was distributed unequally as part of the AFL's efforts to combat what it acknowledges is a widening gap between the competition's richest and poorest clubs.
"I think everyone in the industry and not just the AFL, but lots of our clubs, even the richer clubs, are worried that that gap is getting greater," AFL chief executive Andrew Demetriou said.
All clubs and the AFL will meet on Wednesday to discuss ways to address that issue.
Attendances dropped slightly, which the AFL blamed on expansion clubs Gold Coast and Greater Western Sydney taking time to find their feet, as expected, and often proving uncompetitive.
But television audiences jumped by 12 per cent.
On average, 4.78 million watched AFL games on TV each round last year, the largest weekly audience for any sport in Australia.
AFL chairman Mike Fitzpatrick also confirmed the league would like to buy Etihad Stadium earlier than 2025, when its existing deal means it will take ownership of the venue.
But he said while negotiations had been going on for several years, the league and the ground's current managers, Melbourne Stadiums Ltd, remained some distance apart on a price.
"Obviously as time goes on, because we will pick it up essentially for nothing in 2025, the difficult issue for us is deciding at what stage it is worth picking up, because we could simply wait it out," Fitzpatrick said.
Demetriou also said the AFL would trial variable ticket prices for games at some stage of this season.
The plan would involve fans being charged more for some big-drawing games, while tickets would be cheaper for some lower-drawing matches.
The AFL is yet to announce which games the concept will be trialled on, but it's likely to be late in the home and away season.
Demetriou's salary for last year was $1.88 million, up slightly on 2011, but less than the $2.2 million he made in 2010.