Steam has reached a historic milestone in its 22-year history, pulling in $11 billion in revenue during the first six months of 2026. According to data from Alinea Analytics, this performance nearly matches the platform's total gross for the entirety of 2020, a year that saw record numbers during the height of the pandemic.

Quick Facts

  • Total Revenue (Jan–June 2026): $11 billion.
  • New vs. Old: 79% of sales were games released in 2025 or earlier; only 21% were 2026 titles.
  • Top 3 Earners: Forza Horizon 6 ($197.6M), Resident Evil Requiem ($194.5M), and Crimson Desert ($190.1M).
  • Growth Trend: Revenue for the first half of 2026 has nearly outpaced the full year of 2021 ($11.4 billion).

Why Older Games Are Dominating Sales

While 2026 releases like Forza Horizon 6 and Resident Evil Requiem occupy the top spots for individual earnings, they represent the minority of total platform activity. The overwhelming majority of purchases—79%—consist of older titles. This continues a multi-year trend where the revenue share from new-year releases has steadily declined; in 2024, new games accounted for 29% of revenue, dropping to 27% in 2025.

Rhys Elliott of the Alinea Insights Newsletter attributes this surge to several specific factors. Beyond a significant influx of new users from Asia, particularly China, the platform is benefiting from third-party publishers returning to Steam after moving away from their own proprietary launchers. Additionally, publishers are increasingly focused on re-releasing back-catalogue titles, and viral hits like the co-op game Meccha Chameleon—which sits as the sixth most-purchased game of the year—continue to drive engagement.

Looking Ahead to the Steam Machine

The platform's financial momentum arrives as the industry prepares for the release of the Steam Machine. With major console manufacturers moving toward digital-only ecosystems and ending physical disc production for new releases by early 2028, Steam’s dominance in the digital space appears to be accelerating. Having quintupled its half-year revenue over the last decade, the platform remains the primary driver of PC gaming commerce as the market shifts further away from physical media.