THE WESTERN Bulldogs have continued to reap the rewards of their 2016 premiership, eradicating debt and posting a third straight million-dollar-plus profit.

The Dogs reported a consolidated net profit of $1.643 million this financial year, extinguishing its net debt in the process.

The club says the result has been underpinned by growth in membership and commercial revenue. 

"We are unable to recall the last time the club was in a position of having nil net debt. It is at least 40 years. So that's extremely satisfying," outgoing chief executive Gary Kent said in a statement.

Ameet Bains finishes at St Kilda this week to replace Kent as the Bulldogs' top administrator.

The Dogs boasted a $2.8 million boost in football expenditure in 2017, which included the arrival of AFLW and the establishment of a Next Generation Academy.

Total investment in the club's football department was up by $2.8 million to $25 million.

Basking in the glory of the flag, the Dogs set a third straight membership record, up 19 per cent from the previous year to 47,709.

Commercial revenue was also up 8.9 percent to $10.5 million.

Despite their financial success the Dogs had a disappointing year on the field, with just 11 wins and a 10th place finish.