DERBY County, Burton Albion and 13 other Midlands clubs accounted for 13% of a record total of £3bn generated by all the teams in the Premier League and Football League, according to a new report.
The region's clubs reported combined revenue of £400m during the 2011-12 season, says the 22nd annual review of football finance from sports business group Deloitte.
The Rams had the seventh highest revenue in the Midlands, with £17.3m, more than arch rivals Nottingham Forest (£14.7m).
Derby did, however, report a loss of almost £8m overall during the 12 months in question.
Aston Villa topped the Midlands revenue chart with a turnover of almost £80m, though their operating loss of £33m was the highest in the Premier League.
Stoke City were not far behind Villa with £70.7m, followed by West Bromwich Albion (£66.7m), Wolverhampton Wanderers (£60.8m) and Birmingham City (£39.1m).
Leicester City's revenue was £21.4m, higher than the Rams and Forest.
During the season, more than five million fans attended professional club football matches in the Midlands.
Paul Rawnsley, director in the sports business group at Deloitte, said: "While Championship clubs' revenues have held up well, their wages to revenue ratio has hovered threateningly at around 90 per cent for the last four seasons, with operating losses once again reaching record levels in 2011-12.
"The Football League's Financial Fair Play Rules look to be a necessary step to help change clubs' behaviour in respect of spending on players.
"The application of sanctions in respect of the clubs' results for the 2013-14 season should focus the minds of clubs who have been making heavy losses."
