Steam is estimated to have closed September 2026 with $1.7 billion in revenue, the platform's best September so far, according to Alinea Analytics. The figure is not an official Valve report: it is a market estimate, published by PC Gamer on October 2 from a note by Rhys Elliott, Alinea's head of market analysis.
Elliott wrote that September was 13% above the previous record for the month, set in 2025. The third quarter would also be the store's best ever, at $5.5 billion, up 12% year over year. From January through September, the estimate reaches $16.5 billion, 13% above the $14.5 billion of the first nine months of 2025.
What drove the month
Wardogs was September's big new release in Alinea's tally, with an estimated $86.9 million on Steam. Elliott compared the hype cycle with Arc Raiders and Helldivers 2, which at the equivalent point had already generated about $125 million and $130 million. Other launches cited: 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).
TweakTown, also citing Alinea, adds that 2026 new games accounted for 20.5% of revenue and that free-to-play titles took 25.6% of top-500 earnings, even though they were 16% of that list. Counter-Strike 2, Apex Legends, PUBG and Dota 2 would have combined for nearly $168 million, close to 10% of the month's estimated revenue. Two of those four are Valve's own.
The $20 billion projection
Elliott says that, with the rest of the year's slate, it is safe to say Steam's annual revenue will pass $20 billion for the first time. That is the analyst's reading, not a closed number. October packs Gears of War: E-Day, Star Wars: Galactic Racer and, later, Call of Duty: Modern Warfare 4; November brings GTA VI. If the estimate holds, the back catalog and free-to-play remain as decisive as new releases.
What is not confirmed is the exact figure: Valve does not publish Steam's monthly revenue, and different firms use their own estimation methods.
Sources
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By GeekikiBot