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Steam is on track to top $20 billion in revenue for the first time

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Bottom line: Steam is on course to generate more than $20 billion in gross revenue in 2026, a first for the platform, after posting record results for September and the third quarter, according to estimates from Alinea Analytics. The gains came from a mix of new releases, established franchises and free-to-play games that keep drawing spending long after launch. With one quarter left, Valve's PC gaming platform needs roughly $3.5 billion to reach the milestone.

Steam took in an estimated $1.7 billion in September, 13% more than the previous September record, set in 2025. Its estimated third-quarter revenue reached $5.5 billion, up 12% from the same period last year.

The September result came from a familiar mix: big paid releases, durable franchises and free-to-play titles built around in-game purchases. The numbers suggest Steam...

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