Steam Posts Record $11.1 Billion First Half as the Back Catalog Dominates

Valve has posted the best six months in Steam's 23-year history. Games-analytics firm Alinea Analytics estimates Steam generated $11.1 billion in gross revenue during the first half of 2026, up 14.5 percent year over year and 8 percent higher than the historically stronger holiday half of late 2025 — a figure PC Gamer broke down in mid-July and GamesRadar echoed this week.

The Back Catalog Is the Business

The most striking structural shift is where the money comes from: games released in the same half-year they launched accounted for just 21 percent of Steam's first-half revenue, down from 27 percent in H1 2025 and 29 percent in H1 2024. The back catalog's share has climbed from 71 percent to 79 percent in roughly two years, meaning older titles now drive four of every five dollars Steam takes in.

Context: Commission Under Attack

The record lands while Valve defends its 30 percent commission in court. Wolfire Games' antitrust suit, filed in April 2021, argues Steam's dominance lets Valve charge an inflated rate and enforce price-parity rules. Separately, a UK consumer lawsuit brought on behalf of up to 14 million consumers has provisional damages estimated at up to £656 million (roughly $898 million). The numbers put Steam's position in perspective: Epic Games Store generated $1.16 billion in total revenue for all of 2025 — about a tenth of Steam's first half alone — despite charging a 12 percent commission.

If the seasonal pattern holds, the second half should push 2026 toward a record full year. Alinea's data also showed US video game spending fell 21 percent in June, underscoring that Steam's growth is coming from concentrated platform strength rather than a booming overall market.