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Steam generated an estimated $1.7 billion in September 2026, according to Alinea Analytics—its highest September estimate and 13% above September 2025. That is an analyst estimate, not a monthly revenue figure disclosed by Valve. Higher PC hardware costs were reported around the same time, but the available figures do not show that those costs caused, or failed to affect, Steam game spending.
What the September figure means
Alinea Analytics head of market analysis Rhys Elliott reported the $1.7 billion estimate on October 1, describing September as Steam’s best September to date. Alinea also estimated revenue of $5.5 billion for the third quarter of 2026, up 12% year over year, and $16.5 billion for the first nine months of the year, compared with $14.5 billion over the same period in 2025. Alinea Analytics’ September analysis is the source for those estimates.
Alinea’s estimate is not the same as Valve reporting audited store accounts, and it should not be read as profit or net income. Coverage is not entirely consistent: PC Gamer also reports $1.7 billion, citing Alinea, while GamesRadar+ gives $1.6 billion. The direct Alinea analysis supports using $1.7 billion, with the understanding that it is an estimate.
What the hardware-cost comparison does—and does not—show
Tom’s Hardware reported in September that PC hardware costs were rising, including costs for memory and storage. In an interview published September 14, Valve software engineer Pierre-Loup Griffais said that motherboards, copper and worldwide shipping had also become more expensive. The interview describes pressure on hardware pricing; it does not connect those costs to Steam’s September revenue.
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The two developments are therefore context, not a proven cause-and-effect story. The estimate does not establish whether component prices changed how many people bought Steam games, and the hardware report does not measure game spending. It would be inaccurate to conclude from these figures alone that hardware costs either slowed Steam sales or had no effect.
Which games and categories contributed?
Alinea says its top 500 grossing Steam games represented about three-quarters of estimated September revenue. Within that group, it attributed 20.5% of revenue to new intellectual property launched in 2026 and about 79.5% to established IP; remakes and remasters accounted for 3.8%. These percentages describe the top-500 group, not the entire Steam catalog.
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Free-to-play games represented 25.6% of top-500 revenue while making up 16% of those titles. Alinea estimated that Counter-Strike 2, Apex Legends, PUBG and Dota 2 generated nearly $168 million combined. The figures indicate that the month’s estimated revenue came from a mix of newer releases, established franchises and free-to-play games, rather than one release alone.
Selected high-earning premium games
| Game | Alinea’s estimated September Steam revenue |
|---|---|
| Wardogs | $86.9 million |
| Onimusha: Way of the Sword | $30.4 million |
| The Blood of Dawnwalker | $26.9 million |
| Bodycam | $24.2 million |
| EA Sports FC 27 | $20.7 million |
These are Alinea estimates for September, not individual revenue disclosures from the publishers. Alinea notes that Wardogs entered early access on September 10. Its analysis does not claim that any one of these games caused Steam’s record month.
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Is Steam on track to exceed $20 billion for 2026?
Alinea analyst Rhys Elliott forecast that Steam could exceed $20 billion in revenue for 2026, which would be a first for the platform. That remains a forecast, not a reported result. The $16.5 billion estimate through September provides context for the outlook, but it does not guarantee the annual threshold will be reached.
Quick Recap
Best Value
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