Gloucester Cathedral made a £14,650 profit last year - down more than £100,000 on the previous figure.
The Dean of Gloucester, The Right Reverend Stephen Lake, said it was "not enough".
The cathedral's annual report shows 426,000 people visited between April 2010 and March 2011, an increase of 30,000 on the previous year.
In 2009/10 the cathedral made a profit of £128,000.
Mr Lake said: "It's certainly not enough on a £2m turnover on any given year but a surplus is welcome and we keep trying hard as we've done through 900 years of history."
He added he was surprised the cathedral had made a profit at all in a time of recession: "That's to do with the success of the crucible exhibition [in which dozens of sculptures were displayed at the cathedral] attracting many more visitors."
The cathedral began publishing an annual report in 2009.