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indielist (beta)

Top indie game studios by revenue

indielist ranks 200 indie game studios by estimated lifetime revenue, computed white-box from each studio's published games (Boxleiter-derived sales × net price). The highest-estimated is Valve at ~$6993.6M across 10 titles. Every figure is an estimate you can open and check on each game page, not an official financial.

By genre: ActionAdventureIndieCasualRPGSimulationStrategyRacingMassively Multiplayer
  1. 1 Valve top: Counter-Strike 2 10 titles ~$6993.6M
  2. 2 CD PROJEKT RED top: Cyberpunk 2077 6 titles ~$5247.7M
  3. 3 FromSoftware, Inc. top: ELDEN RING 8 titles ~$4489.4M
  4. 4 CAPCOM Co., Ltd. top: Monster Hunter: World 22 titles ~$3746.0M
  5. 5 Larian Studios top: Baldur's Gate 3 3 titles ~$3139.7M
  6. 6 Facepunch Studios top: Rust 5 titles ~$2779.2M
  7. 7 Rockstar Games top: Red Dead Redemption 2 3 titles ~$2605.7M
  8. 8 Paradox Development Studio top: Hearts of Iron IV 7 titles ~$2419.8M
  9. 9 Ubisoft Montreal top: Tom Clancy's Rainbow Six Siege 12 titles ~$2417.3M
  10. 10 Game Science top: Black Myth: Wukong 1 title ~$2244.1M
  11. 11 Bethesda Game Studios top: The Elder Scrolls V: Skyrim Special Edition 13 titles ~$1827.8M
  12. 12 CREATIVE ASSEMBLY top: Total War: WARHAMMER III 11 titles ~$1784.8M
  13. 13 Bohemia Interactive top: DayZ 4 titles ~$1507.9M
  14. 14 Firaxis Games top: Sid Meier’s Civilization® VI 6 titles ~$1494.5M
  15. 15 DICE top: Battlefield™ 2042 4 titles ~$1165.7M
  16. 16 Square Enix top: NieR:Automata™ 19 titles ~$1136.8M
  17. 17 Treyarch top: Call of Duty®: Black Ops III 4 titles ~$1079.3M
  18. 18 PUBG Corporation top: PUBG: BATTLEGROUNDS 1 title ~$1055.9M
  19. 19 Hello Games top: No Man's Sky 2 titles ~$1017.5M
  20. 20 Playground Games top: Forza Horizon 5 2 titles ~$1014.4M
  21. 21 SCS Software top: Euro Truck Simulator 2 55 titles ~$1011.9M
  22. 22 Avalanche Software top: Hogwarts Legacy 1 title ~$945.1M
  23. 23 Endnight Games Ltd top: The Forest 2 titles ~$880.6M
  24. 24 Gearbox Software top: Borderlands 3 6 titles ~$871.2M
  25. 25 Behaviour Interactive Inc. top: Dead by Daylight 1 title ~$825.1M
  26. 26 Hazelight Studios top: It Takes Two 3 titles ~$800.4M
  27. 27 Unknown Worlds Entertainment top: Subnautica 4 titles ~$781.2M
  28. 28 The Fun Pimps top: 7 Days to Die 2 titles ~$771.0M
  29. 29 TaleWorlds Entertainment top: Mount & Blade II: Bannerlord 3 titles ~$764.2M
  30. 30 Rare Ltd top: Sea of Thieves: 2026 Edition 1 title ~$760.0M
  31. 31 ATLUS top: Persona 5 Royal 7 titles ~$718.8M
  32. 32 Frontier Developments top: Planet Coaster 6 titles ~$717.1M
  33. 33 ConcernedApe top: Stardew Valley 2 titles ~$670.8M
  34. 34 Team Cherry top: Hollow Knight 3 titles ~$634.5M
  35. 35 Warhorse Studios top: Kingdom Come: Deliverance II 2 titles ~$629.2M
  36. 36 Obsidian Entertainment top: Grounded 10 titles ~$614.0M
  37. 37 Ubisoft Quebec top: Assassin's Creed® Odyssey 2 titles ~$599.8M
  38. 38 Re-Logic top: Terraria 1 title ~$590.8M
  39. 39 Kinetic Games top: Phasmophobia 1 title ~$580.1M
  40. 40 World's Edge top: Age of Empires II: Definitive Edition 4 titles ~$573.4M
  41. 41 Insomniac Games top: Marvel’s Spider-Man Remastered 4 titles ~$572.3M
  42. 42 343 Industries top: Halo: The Master Chief Collection 2 titles ~$570.8M
  43. 43 Coffee Stain Studios top: Satisfactory 3 titles ~$568.2M
  44. 44 Quantic Dream top: Detroit: Become Human 3 titles ~$566.3M
  45. 45 Studio Wildcard top: ARK: Survival Evolved 8 titles ~$546.5M
  46. 46 Techland top: Dying Light 2 Stay Human: Reloaded Edition 4 titles ~$546.3M
  47. 47 id Software top: DOOM Eternal 2 titles ~$546.2M
  48. 48 BeamNG top: BeamNG.drive 1 title ~$540.3M
  49. 49 Ghost Games top: Need for Speed™ Heat 2 titles ~$520.0M
  50. 50 Klei Entertainment top: Don't Starve Together 9 titles ~$515.4M
  51. 51 Ubisoft top: Watch_Dogs® 2 5 titles ~$514.8M
  52. 52 Santa Monica Studio top: God of War 2 titles ~$504.9M
  53. 53 Supergiant Games top: Hades 4 titles ~$495.7M
  54. 54 Saber Interactive top: Warhammer 40,000: Space Marine 2 3 titles ~$481.5M
  55. 55 KOEI TECMO GAMES CO., LTD. top: Nioh 2 – The Complete Edition 7 titles ~$436.0M
  56. 56 Smartly Dressed Games top: Unturned 1 title ~$434.4M
  57. 57 Fatshark top: Warhammer: Vermintide 2 4 titles ~$431.6M
  58. 58 Hopoo Games top: Risk of Rain 2 4 titles ~$430.4M
  59. 59 BioWare top: Mass Effect™ Legendary Edition 6 titles ~$429.7M
  60. 60 Naughty Dog LLC top: The Last of Us™ Part I 3 titles ~$425.5M
  61. 61 Offworld top: Squad 4 titles ~$422.6M
  62. 62 Pocketpair top: Palworld 2 titles ~$416.5M
  63. 63 Pearl Abyss top: Crimson Desert 2 titles ~$390.5M
  64. 64 Asobo Studio top: Microsoft Flight Simulator (2020) 40th Anniversary Edition 3 titles ~$389.7M
  65. 65 Iron Gate AB top: Valheim 1 title ~$388.1M
  66. 66 Ludeon Studios top: RimWorld 6 titles ~$379.3M
  67. 67 4A Games top: Metro Exodus 3 titles ~$377.1M
  68. 68 Crystal Dynamics top: Rise of the Tomb Raider™ 2 titles ~$377.1M
  69. 69 Bandai Namco Studios Inc. top: ACE COMBAT™ 7: SKIES UNKNOWN 3 titles ~$374.0M
  70. 70 Bungie top: Destiny 2 1 title ~$364.5M
  71. 71 EA Canada top: EA SPORTS FC™ 25 2 titles ~$360.7M
  72. 72 Moon Studios GmbH top: Ori and the Will of the Wisps 3 titles ~$359.6M
  73. 73 Colossal Order top: Cities: Skylines 1 title ~$354.4M
  74. 74 The Indie Stone top: Project Zomboid 1 title ~$353.5M
  75. 75 OVERKILL - a Starbreeze Studio. top: PAYDAY 2 2 titles ~$346.1M
  76. 76 Monolith Productions top: Middle-earth™: Shadow of War™ 1 title ~$346.1M
  77. 77 Squad top: Kerbal Space Program 3 titles ~$341.9M
  78. 78 Ubisoft Paris top: Tom Clancy's Ghost Recon® Wildlands 2 titles ~$340.0M
  79. 79 Funcom top: Conan Exiles Enhanced 3 titles ~$337.6M
  80. 80 Expression Games top: Hell Let Loose 1 title ~$337.3M
  81. 81 Hangar 13 top: Mafia: Definitive Edition 4 titles ~$330.1M
  82. 82 Nicalis, Inc. top: The Binding of Isaac: Rebirth 5 titles ~$326.7M
  83. 83 Sandfall Interactive top: Clair Obscur: Expedition 33 1 title ~$325.7M
  84. 84 11 bit studios top: Frostpunk 4 titles ~$325.7M
  85. 85 Rocksteady Studios top: Batman™: Arkham Knight 3 titles ~$325.6M
  86. 86 Capcom top: Resident Evil 4 (2005) 5 titles ~$322.1M
  87. 87 Eidos-Montréal top: Shadow of the Tomb Raider: Definitive Edition 3 titles ~$316.6M
  88. 88 Respawn Entertainment top: STAR WARS Jedi: Fallen Order™ 1 title ~$310.5M
  89. 89 Wube Software LTD. top: Factorio 2 titles ~$295.8M
  90. 90 Rebellion top: Sniper Elite 4 3 titles ~$294.8M
  91. 91 Mega Crit top: Slay the Spire 2 titles ~$293.6M
  92. 92 ZA/UM top: Disco Elysium - The Final Cut 2 titles ~$293.3M
  93. 93 Rockstar North top: Grand Theft Auto IV: The Complete Edition 2 titles ~$291.3M
  94. 94 Red Barrels top: The Outlast Trials 4 titles ~$290.6M
  95. 95 NEOWIZ top: Lies of P 2 titles ~$290.4M
  96. 96 Gunfire Games top: REMNANT II® 4 titles ~$288.9M
  97. 97 IO Interactive A/S top: HITMAN World of Assassination 2 titles ~$278.9M
  98. 98 Kunos Simulazioni top: Assetto Corsa 13 titles ~$270.8M
  99. 99 QLOC top: DARK SOULS™: REMASTERED 2 titles ~$259.5M
  100. 100 Relic Entertainment top: Company of Heroes 2 3 titles ~$255.3M
  101. 101 Redbeet Interactive top: Raft 1 title ~$254.5M
  102. 102 Tarsier Studios top: Little Nightmares 3 titles ~$254.4M
  103. 103 Ninja Kiwi top: Bloons TD 6 4 titles ~$245.9M
  104. 104 Remedy Entertainment top: CONTROL Ultimate Edition 3 titles ~$243.0M
  105. 105 Arkane Studios top: Dishonored 2 4 titles ~$242.3M
  106. 106 Avalanche Studios top: Just Cause™ 3 4 titles ~$240.6M
  107. 107 Sucker Punch Productions top: Ghost of Tsushima DIRECTOR'S CUT 1 title ~$236.5M
  108. 108 Bend Studio top: Days Gone 1 title ~$235.2M
  109. 109 Arc System Works top: DRAGON BALL FighterZ 1 title ~$234.6M
  110. 110 GSC Game World top: S.T.A.L.K.E.R. 2: Heart of Chornobyl 2 titles ~$230.3M
  111. 111 Red Hook Studios top: Darkest Dungeon® 4 titles ~$227.6M
  112. 112 MachineGames top: Wolfenstein II: The New Colossus 3 titles ~$226.8M
  113. 113 BlueTwelve Studio top: Stray 1 title ~$222.8M
  114. 114 Evil Mojo Games top: Paladins® 1 title ~$222.0M
  115. 115 Studio MDHR Entertainment Inc. top: Cuphead 2 titles ~$218.7M
  116. 116 Respawn top: STAR WARS Jedi: Survivor™ 1 title ~$216.8M
  117. 117 tobyfox top: Undertale 2 titles ~$215.3M
  118. 118 Shiro Games top: Northgard: Definitive Edition 8 titles ~$214.0M
  119. 119 System Era Softworks top: ASTRONEER 5 titles ~$213.4M
  120. 120 Motive top: Dead Space 2 titles ~$213.3M
  121. 121 DONTNOD Entertainment top: Life is Strange - Episode 1 3 titles ~$207.9M
  122. 122 Grinding Gear Games top: Path of Exile 2 1 title ~$204.3M
  123. 123 Stunlock Studios top: V Rising 1 title ~$202.1M
  124. 124 No Brakes Games top: Human Fall Flat 1 title ~$197.5M
  125. 125 GIANTS Software top: Farming Simulator 22 3 titles ~$195.9M
  126. 126 SHIFT UP Corporation top: Stellar Blade™ 1 title ~$195.7M
  127. 127 Bloober Team SA top: SILENT HILL 2 2 titles ~$195.4M
  128. 128 Expansive Worlds top: theHunter: Call of the Wild™ 1 title ~$189.5M
  129. 129 Monomi Park top: Slime Rancher 2 titles ~$186.1M
  130. 130 Motion Twin top: Dead Cells 6 titles ~$185.5M
  131. 131 Crate Entertainment top: Grim Dawn 5 titles ~$178.1M
  132. 132 Irrational Games top: BioShock Infinite 1 title ~$177.2M
  133. 133 PlatinumGames top: METAL GEAR RISING: REVENGEANCE 2 titles ~$176.2M
  134. 134 Ninja Theory top: Hellblade: Senua's Sacrifice 2 titles ~$176.1M
  135. 135 Turtle Rock Studios top: Back 4 Blood 1 title ~$174.3M
  136. 136 TVGS top: Schedule I 1 title ~$172.5M
  137. 137 KOJIMA PRODUCTIONS top: DEATH STRANDING DIRECTOR'S CUT 2 titles ~$172.0M
  138. 138 Bandai Namco Studios top: CODE VEIN 1 title ~$169.1M
  139. 139 Steel Wool Studios top: Five Nights at Freddy's: Security Breach 3 titles ~$168.7M
  140. 140 AdHoc Studio top: Dispatch 2 titles ~$165.9M
  141. 141 Infinity Ward top: Call of Duty®: Infinite Warfare 3 titles ~$165.7M
  142. 142 BlackMill Games top: Verdun 2 titles ~$160.6M
  143. 143 Leenzee top: WUCHANG: Fallen Feathers 1 title ~$158.9M
  144. 144 New World Interactive top: Insurgency: Sandstorm 1 title ~$158.7M
  145. 145 Owlcat Games top: Warhammer 40,000: Rogue Trader 3 titles ~$157.0M
  146. 146 Lo-Fi Games top: Kenshi 1 title ~$155.3M
  147. 147 Landfall top: Totally Accurate Battle Simulator 3 titles ~$153.3M
  148. 148 Ryu Ga Gotoku Studio top: Like a Dragon: Infinite Wealth 6 titles ~$151.1M
  149. 149 KONAMI top: METAL GEAR SOLID V: THE PHANTOM PAIN 3 titles ~$149.1M
  150. 150 Criterion Games top: Need for Speed™ Unbound 2 titles ~$147.1M
  151. 151 AMPLITUDE Studios top: HUMANKIND™ 4 titles ~$147.1M
  152. 152 The Behemoth top: Castle Crashers® 4 titles ~$145.4M
  153. 153 Croteam top: The Talos Principle 5 titles ~$145.1M
  154. 154 MAXIS top: The Sims™ 4 1 title ~$142.4M
  155. 155 CyberConnect2 Co. Ltd. top: NARUTO SHIPPUDEN: Ultimate Ninja STORM 4 2 titles ~$142.2M
  156. 156 Massive Entertainment top: Tom Clancy’s The Division™ 1 title ~$140.3M
  157. 157 Playdead top: INSIDE 2 titles ~$140.3M
  158. 158 Iceflake Studios top: Cities: Skylines II 1 title ~$140.0M
  159. 159 Eleventh Hour Games top: Last Epoch 3 titles ~$138.2M
  160. 160 Gamepires top: SCUM 1 title ~$137.1M
  161. 161 Tuxedo Labs top: Teardown 1 title ~$136.1M
  162. 162 Guerrilla top: Horizon Forbidden West™ Complete Edition 2 titles ~$135.7M
  163. 163 Spike Chunsoft Co., Ltd. top: Danganronpa V3: Killing Harmony 3 titles ~$132.5M
  164. 164 Slavic Magic top: Manor Lords 2 titles ~$130.3M
  165. 165 FakeFish top: Barotrauma 1 title ~$130.2M
  166. 166 Skybound Games top: The Walking Dead: The Telltale Definitive Series 1 title ~$128.7M
  167. 167 Zeekerss top: Lethal Company 1 title ~$128.6M
  168. 168 Daniel Mullins Games top: Inscryption 1 title ~$128.2M
  169. 169 Pathea Games top: My Time at Portia 5 titles ~$127.4M
  170. 170 Hinterland Studio Inc. top: The Long Dark 2 titles ~$127.1M
  171. 171 Empyrean top: House Flipper 4 titles ~$126.1M
  172. 172 Mimimi Games top: Shadow Tactics: Blades of the Shogun 2 titles ~$125.5M
  173. 173 mestiez top: People Playground 1 title ~$125.1M
  174. 174 Ubisoft Montreal, Massive Entertainment, and Ubisoft Shanghai top: Far Cry 3 1 title ~$121.9M
  175. 175 ZeniMax Online Studios top: The Elder Scrolls® Online 1 title ~$121.8M
  176. 176 Maddy Makes Games Inc. top: Celeste 1 title ~$121.6M
  177. 177 Keen Games GmbH top: Enshrouded 2 titles ~$121.1M
  178. 178 MINTROCKET top: DAVE THE DIVER 1 title ~$120.7M
  179. 179 ProjectMoon top: Lobotomy Corporation | Monster Management Simulation 2 titles ~$120.3M
  180. 180 Introversion Software top: Prison Architect 2 titles ~$120.2M
  181. 181 Frictional Games top: SOMA 2 titles ~$120.1M
  182. 182 Ivory Tower top: The Crew™ 2 1 title ~$118.8M
  183. 183 Ubisoft Toronto top: Far Cry® 6 3 titles ~$118.8M
  184. 184 Keen Software House top: Space Engineers 9 titles ~$118.3M
  185. 185 Massive Monster top: Cult of the Lamb 4 titles ~$115.4M
  186. 186 Blizzard Entertainment, Inc. top: Diablo® IV 1 title ~$113.9M
  187. 187 Crowbar Collective top: Black Mesa 1 title ~$113.8M
  188. 188 MADFINGER Games, a.s. top: Gray Zone Warfare 1 title ~$113.1M
  189. 189 RobTop Games top: Geometry Dash 1 title ~$111.9M
  190. 190 Campo Santo top: Firewatch 1 title ~$111.3M
  191. 191 Dennaton Games top: Hotline Miami 2: Wrong Number 2 titles ~$110.7M
  192. 192 24 Entertainment top: NARAKA: BLADEPOINT 1 title ~$110.1M
  193. 193 Triternion top: MORDHAU 1 title ~$109.9M
  194. 194 Mundfish top: Atomic Heart 1 title ~$108.5M
  195. 195 Axolot Games top: Scrap Mechanic 1 title ~$107.9M
  196. 196 Ghost Town Games Ltd. top: Overcooked! 2 2 titles ~$107.7M
  197. 197 Mob Entertainment top: Poppy Playtime 5 titles ~$105.8M
  198. 198 SkyBox Labs top: Age of Empires II (Retired) 1 title ~$105.4M
  199. 199 Wallpaper Engine Team top: Wallpaper Engine 1 title ~$104.6M
  200. 200 Beat Games top: Beat Saber 1 title ~$104.2M

Estimates only. How is this calculated?

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Frequently asked questions

How is indie studio revenue estimated?
Each published game gets a white-box sales estimate (a Boxleiter-derived multiplier on its Steam review count, adjusted for release year, price tier and studio size), converted to net revenue after Steam’s cut. A studio’s figure sums its games. Every step is shown on the game page — see /methodology.
Are these real financials?
No. They are transparent estimates from public Steam data, not company filings. Actual revenue can deviate by ±50%+. Use them for relative ranking and sizing, and open the formula on any game to check the assumptions.