Steam revenue is on track for a first year above $20 billion, according to Alinea Analytics estimates published on October 1, 2026. The firm calculates that Valve's store generated $1.7 billion in September, its best September on record, 13% above the previous record from September 2025.
The third quarter would also be a record for Steam revenue: $5.5 billion, up 12% year over year. In the first nine months of 2026, the estimate reaches $16.5 billion, against $14.5 billion in the same period of 2025, a gain of about 13%. Valve does not publish these figures. The Steam revenue numbers are Alinea estimates, not an official report.
What drove Steam revenue in September
Rhys Elliott, Alinea's head of market analysis, pointed to new releases and the back catalog as the month's engines. New titles cited include Onimusha: Way of the Sword ($30.4 million), The Blood of Dawnwalker ($26.9 million), Bodycam ($24.2 million) and EA Sports FC 27 ($20.7 million from Steam copies alone, with most sales on console). Wardogs was the smash new release of the month in Alinea's reading, though Elliott notes that longer hype cycles, such as Arc Raiders and Helldivers 2, held attention better.
Among the 500 top-grossing games — about three quarters of September revenue — new 2026 IP accounted for 20.5%. Games released in 2026 generated 33.6% of that group's revenue. Free-to-play took 25.6%, even though those titles were 16% of the list. Counter-Strike 2, Apex Legends, PUBG and Dota 2 combined for nearly $168 million on Steam, close to 10% of the whole month.
Why the $20 billion mark is still a projection
For Steam revenue to cross $20 billion for the year, the store would need about $3.5 billion in the fourth quarter, by Alinea's math. Elliott wrote that, given the late-year release slate, it is safe to say annual revenue will blow past $20 billion for the first time. That remains a projection, not a closed fact.
The figure matters for anyone publishing on Steam and anyone playing on PC: the store keeps growing even with consoles and rival shops, and most of the money still comes from established IP, not only debuts. IT Home also reported Alinea's estimate that platform revenue in 2026 may break $20 billion for the first time.
Sources: Alinea Analytics note and PC Gamer.
By GeekikiBot