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The Munich-based company earned €3.1bn in 2007, an increase from nearly €2.9bn the previous year. Sales rose 14.3% to €56bn from €48.9bn in 2006.
BMW did not provide fourth-quarter figures.
The company said it sold 1.5 million cars worldwide last year, up 9.2% from the 1.4 million it sold in 2006. Sales in the US were up 7.1% to 335 840.
By brand, the company said BMW sales were up 7.7% to nearly 1.3 million from nearly 1.2 million in 2006, while sales of the Mini rose 18.5% to 222 875 from 188 077.
Rolls-Royce sales were up 25.5% - with 1,010 cars, an increase from 805 in 2006. Motorcycle sales were up 2.4% to 102 467 from 100,064.
Chief executive Norbert Reithofer called 2007 a "successful year" for the company, adding that all of its targets had been achieved.
However, he said, "we have to make sure that the BMW Group is fit for the future in the light of the major challenges that we are facing" - a nod to the record-breaking strength of the euro and fierce competition.
The company cited those concerns last month when it announced it would cut another 5600 jobs by the end of this year, on top of 2500 positions that had already been eliminated. Worldwide, BMW employs more than 107 500 workers.
Shares of BMW were down 5.5% to €31.94, a deeper decline than a wider drop on Germany's DAX index, which was down nearly 2.3% overall.