Top Indie indie studios by revenue

indielist ranks 100 indie studios that ship Indie games, by estimated revenue from their Indie titles (white-box, Boxleiter-derived from Steam reviews). Leading is SCS Software at ~$982.9M. Estimates, not financials — open the formula on any game.

1. 1 SCS Software top: Euro Truck Simulator 2 55 titles ~$982.9M
2. 2 ConcernedApe top: Stardew Valley 2 titles ~$671.0M
3. 3 Ludeon Studios top: RimWorld 6 titles ~$379.4M
4. 4 The Indie Stone top: Project Zomboid 1 title ~$353.7M
5. 5 Mega Crit top: Slay the Spire 2 titles ~$312.4M
6. 6 Squad top: Kerbal Space Program 3 titles ~$280.1M
7. 7 Red Hook Studios top: Darkest Dungeon® 4 titles ~$227.7M
8. 8 tobyfox top: Undertale 2 titles ~$215.4M
9. 9 Klei Entertainment top: Oxygen Not Included 6 titles ~$164.3M
10. 10 Kunos Simulazioni top: Assetto Corsa 12 titles ~$137.7M
11. 11 Landfall top: Totally Accurate Battle Simulator 1 title ~$120.6M
12. 12 ProjectMoon top: Lobotomy Corporation | Monster Management Simulation 2 titles ~$109.4M
13. 13 Introversion Software top: Prison Architect 2 titles ~$98.0M
14. 14 Beat Games top: Beat Saber 1 title ~$95.3M
15. 15 Mimimi Games top: Shadow Tactics: Blades of the Shogun 1 title ~$73.6M
16. 16 Youthcat Studio top: Dyson Sphere Program 1 title ~$70.9M
17. 17 Aether Studios top: Rivals of Aether 1 title ~$61.5M
18. 18 Amistech Games top: My Summer Car 2 titles ~$53.0M
19. 19 Intercept Games top: Kerbal Space Program 2 1 title ~$49.9M
20. 20 Mechanistry top: Timberborn 1 title ~$48.2M
21. 21 Two Point Studios top: Two Point Hospital 1 title ~$47.4M
22. 22 Subset Games top: FTL: Faster Than Light 2 titles ~$44.3M
23. 23 Forward Development, Ltd. top: City Car Driving 1 title ~$42.6M
24. 24 Maxim Karpenko top: WorldBox - God Simulator 1 title ~$42.1M
25. 25 Shining Rock Software LLC top: Banished 1 title ~$38.8M
26. 26 Claudiu Kiss top: PC Building Simulator 1 title ~$35.9M
27. 27 Bay 12 Games top: Dwarf Fortress 1 title ~$34.6M
28. 28 Team17 top: The Escapists 2 1 title ~$34.4M
29. 29 Crate Entertainment top: Farthest Frontier 1 title ~$32.0M
30. 30 Lion Shield, LLC top: Kingdoms and Castles 1 title ~$32.0M
31. 31 Polymorph Games top: Foundation 1 title ~$30.9M
32. 32 Spiderling Studios top: Besiege 1 title ~$30.4M
33. 33 Camshaft Software Ltd top: Automation - The Car Company Tycoon Game 1 title ~$28.3M
34. 34 Madruga Works top: Dawn of Man 2 titles ~$27.3M
35. 35 Straight Back Games top: DEVOUR 1 title ~$27.2M
36. 36 niceplay games top: Potion Craft: Alchemist Simulator 1 title ~$25.4M
37. 37 Game-Labs top: Ultimate General: Civil War 3 titles ~$25.0M
38. 38 crea-ture Studios Inc. top: Session: Skate Sim 1 title ~$23.3M
39. 39 Team Meat top: Super Meat Boy 1 title ~$22.6M
40. 40 Bulwark Studios top: IXION 1 title ~$22.5M
41. 41 Four Quarters top: Loop Hero 1 title ~$21.6M
42. 42 Worldwalker Games LLC top: Wildermyth 1 title ~$20.7M
43. 43 Scott Cawthon top: Five Nights at Freddy's 2 titles ~$20.5M
44. 44 Foxy Voxel top: Going Medieval 1 title ~$19.8M
45. 45 7th Beat Games top: A Dance of Fire and Ice 2 titles ~$18.4M
46. 46 MaFi Games top: Captain of Industry 1 title ~$16.5M
47. 47 RuneStorm top: Viscera Cleanup Detail 1 title ~$15.7M
48. 48 Hempuli Oy top: Baba Is You 1 title ~$15.5M
49. 49 Code Horizon top: Gold Mining Simulator 1 title ~$14.8M
50. 50 NPC Studio top: Fields of Mistria 1 title ~$13.4M
51. 51 Steel Crate Games top: Keep Talking and Nobody Explodes 1 title ~$13.0M
52. 52 Mossmouth top: Spelunky 1 title ~$12.8M
53. 53 Ironhide Game Studio top: Kingdom Rush 5: Alliance TD 2 titles ~$12.8M
54. 54 Team Fractal Alligator top: Hacknet 1 title ~$12.6M
55. 55 Trioskaz top: No, I'm not a Human 1 title ~$12.2M
56. 56 Airship Syndicate top: Battle Chasers: Nightwar 1 title ~$11.9M
57. 57 LuGus Studios top: Liftoff®: FPV Drone Racing 1 title ~$11.5M
58. 58 Unfrozen top: Iratus: Lord of the Dead 1 title ~$11.2M
59. 59 Hovgaard Games top: Big Ambitions 1 title ~$11.1M
60. 60 Gamious top: Turmoil 1 title ~$10.6M
61. 61 Beautiful Glitch top: Monster Prom 3 titles ~$10.6M
62. 62 Oxymoron Games top: Project Hospital 1 title ~$10.5M
63. 63 Alter Games top: Partisans 1941 1 title ~$10.4M
64. 64 Weather Factory top: Cultist Simulator 1 title ~$10.3M
65. 65 Orange_Juice top: 100% Orange Juice 1 title ~$10.2M
66. 66 Gentlymad Studios top: Endzone - A World Apart 1 title ~$9.9M
67. 67 Noio top: Kingdom: New Lands 1 title ~$9.4M
68. 68 NEXT Studios top: Unheard - Voices of Crime 1 title ~$9.3M
69. 69 Dry Cactus top: Poly Bridge 1 title ~$9.0M
70. 70 Steel Wool Studios top: Five Nights at Freddy's: Help Wanted 2 1 title ~$9.0M
71. 71 Bugbyte Ltd. top: Space Haven 1 title ~$8.4M
72. 72 Dinosaur Polo Club top: Mini Metro 1 title ~$8.0M
73. 73 Polytron Corporation top: FEZ 1 title ~$7.8M
74. 74 Shiny Shoe top: Monster Train 2 2 titles ~$7.7M
75. 75 Terry Cavanagh top: Dicey Dungeons 1 title ~$7.5M
76. 76 Umami Tiger (Matthias Linda) top: Chained Echoes 2 titles ~$7.4M
77. 77 Bytten Studio top: Cassette Beasts 1 title ~$7.4M
78. 78 Zachtronics top: Opus Magnum 1 title ~$7.1M
79. 79 Blue Meridian top: Prehistoric Kingdom 1 title ~$6.8M
80. 80 panstasz top: WORLD OF HORROR 1 title ~$6.7M
81. 81 Lafrontier top: Elin 1 title ~$6.1M
82. 82 Galaxy Grove top: Town to City 1 title ~$6.1M
83. 83 Positech Games top: Democracy 4 1 title ~$5.9M
84. 84 Bouncyrock Entertainment top: TaleSpire 1 title ~$5.9M
85. 85 MLMEDIA top: Rooftops & Alleys: The Parkour Game 1 title ~$5.4M
86. 86 KIRA LLC top: Lunacid 1 title ~$5.3M
87. 87 Inusuku top: Living With Sister: Monochrome Fantasy 1 title ~$5.2M
88. 88 Alt Shift top: Crying Suns 1 title ~$5.1M
89. 89 Deadpan Games top: Wildfrost 1 title ~$5.0M
90. 90 Beawesome Games top: Day of Dragons 1 title ~$4.9M
91. 91 No Ceiling Games top: Fast Food Simulator 1 title ~$4.8M
92. 92 Team Curiosity ✦ top: Spaceflight Simulator 1 title ~$4.7M
93. 93 Gamexcite top: Star Trek: Voyager - Across the Unknown 1 title ~$4.6M
94. 94 DenchiSoft top: VTube Studio 3 titles ~$4.6M
95. 95 Conor Petersen top: 5D Chess With Multiverse Time Travel 1 title ~$4.6M
96. 96 Luden.io top: while True: learn() 1 title ~$4.5M
97. 97 Northway Games top: I Was a Teenage Exocolonist 1 title ~$4.3M
98. 98 Greenheart Games 💚 top: Tavern Keeper 🍻 1 title ~$4.2M
99. 99 Hypnohead top: The King is Watching 1 title ~$4.2M
100. 100 Soda Den top: Roots of Pacha 1 title ~$4.1M

Estimates only. How is this calculated?