Steam Just Had Its Biggest Six Months Ever — $11.1 Billion in Revenue in H1 2026

Valve doesn’t talk about money, but the numbers speak loudly enough on their own. According to data estimates from Alinea Analytics, Steam generated $11.1 billion in gross revenue during the first half of 2026 alone — the highest half-year figure the platform has ever recorded. That’s a 14.5% jump from the same period in 2025, and perhaps more remarkably, it’s more than Steam earned across the entire pandemic year of 2020 — a year when essentially the whole world was indoors playing games.

What’s Actually Driving the Numbers

The most surprising part of the data is where the money is coming from. Only 21% of Steam’s H1 2026 revenue was generated by games released this year — down from 27% in the same period of 2025. The remaining 79% came from older titles, meaning back-catalogue games are now the dominant force on the platform. Players are revisiting classics, buying discounted games during Steam’s regular sales, and returning to titles they already own rather than rushing to buy everything new at launch. The top-earning new Steam releases of the first half of the year were Forza Horizon 6 ($197.7 million), Resident Evil Requiem ($194.5 million), and Crimson Desert ($190 million). Other major contributors include indie hits like Slay the Spire 2, Subnautica 2, and 007 First Light.

What This Means Going Forward

Alinea also highlighted a surge in Asian players — particularly from China — as one of the biggest structural drivers behind Steam’s 2026 performance. Publishers quietly returning to Steam after failed experiments with their own standalone launchers has also contributed. With GTA 6 still coming in November, the second half of 2026 on Steam is set to make the first half look modest by comparison.