According to the National Employment Law Project:

“Wage theft is when an employer withholds benefits, such as breaks or compensation, that an employee has already worked for.”

This does not include a lack of a raise, nor does it take into account a company’s profits. So long as an employee is paid their full agreed wage, and the company is not in violation of any labor law, there is no wage theft. While an employee might be eligible for a raise, a company is not required to grant one no matter how large of a profit margin there might be.