According to Alinea Analytics, Steam is expected to earn more than $20 billion in gross revenue this year. That would be the first time it has reached that level, and it follows record numbers in September and the third quarter.
Steam earned an estimated $1.7 billion in September, which is 13% more than the previous September record set in 2025. Revenue for the third quarter was an estimated $5.5 billion, up 12% year over year. To reach the milestone, Valve’s platform needs about $3.5 billion in the final quarter.
From January through September 2026, Steam brought in an estimated $16.5 billion. In the same period of 2025, the figure was $14.5 billion. Reaching $20 billion for the year would require about $3.5 billion in the fourth quarter.
The growth was driven by new releases, long-running franchises and free-to-play games that continue to earn well after launch. September followed the same pattern: major paid titles, durable series and free-to-play games that rely on in-game purchases. Alinea said the figures show Steam no longer depends on one type of game sale for its revenue.
New releases can generate a quick surge of revenue. Games such as Counter-Strike 2 and Dota 2 earn steadily over time instead, supported by active player communities and sales of digital items.
New games contributed meaningfully in September. According to Alinea, titles released in 2026 made up about 33.6% of revenue among Steam’s 500 top-grossing games that month. Of that portion, 20.5% came from new intellectual property.
This does not mean newer games replaced the industry’s biggest brands. Established franchises, which include remakes and remasters, accounted for nearly 80% of revenue among the top 500. The two figures overlap because they are measured differently, by release year and by franchise, so a 2026 sequel is counted in both. Steam’s strongest performers still tend to be recognizable games with existing audiences and frequent updates.
Free-to-play games were also a major revenue source. Counter-Strike 2, Apex Legends, PUBG, and Dota 2 combined for almost $168 million in September, Alinea estimates, close to 10% of Steam’s monthly revenue.
These games illustrate why PC platforms can’t be assessed by unit sales alone. Free-to-play titles are free to download, but they can still bring in consistent spending through cosmetic items, battle passes, and other digital content. On Steam, those transactions convert a large player base into recurring revenue.
Several of the month’s top individual performances came from paid games. The PvP shooter Wardogs generated an estimated $86.9 million in the roughly three weeks following its September 10 Early Access launch. Onimusha: Way of the Sword earned $30.4 million during the month, and The Blood of Dawnwalker earned $26.9 million.
EA Sports FC 27 contributed a further $20.7 million through Steam sales. Most of the game’s sales, however, were on consoles.
What makes Wardogs’ Early Access numbers interesting is what they say about the model itself: it’s a huge deal on Steam now. Developers can release a game before it’s done, start earning right away, and let players help steer the updates. And for multiplayer games, it’s a way to get a community going before the real launch.
With one quarter remaining, Steam’s chance of a first $20 billion year depends on adding about $3.5 billion in the last three months, according to Alinea’s estimates.
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