The Guardian said Saturday the most-recent financial filings from Syco Entertainment showed Cowell earned nearly 27 million pounds ($42 million) in its first year.
Cowell holds 50 percent of Syco. As part of the deal he got back a stake in the television hit "The X Factor" and the "Got Talent" franchise.
The newspaper said Syco lists itself as a non-trading holding company with four entertainment subsidiaries.
Swim Week Miami Beach 2014 [PHOTOS]