Yea. Perhaps a better metric to use would be Seller's Discretionary Earnings (SDE) which includes the owner's salary, benefits, and discretionary expenses, after adjusting for non-recurring, non-operating, and non-cash items. This metric is often used when one person wants to acquire another business.

For a solo company (which I assume is the situation here), it seems rather expected. Income minus expenses is the profit. No salary as expenses this year.

Assuming it’s an S-corp, Founders will try to get as much as possible in profit/dividends, as that is taxed better than income.