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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 Facepunch Studios at ~$2835.1M across 4 titles. Every figure is an estimate you can open and check on each game page, not an official financial.

By genre: ActionAdventureIndieCasualRPGStrategy
  1. 1 Facepunch Studios top: Rust 4 titles ~$2835.1M
  2. 2 Hello Games top: No Man's Sky 4 titles ~$1022.8M
  3. 3 SCS Software top: Euro Truck Simulator 2 3 titles ~$977.6M
  4. 4 Endnight Games Ltd top: The Forest 2 titles ~$898.8M
  5. 5 Unknown Worlds Entertainment top: Subnautica 3 titles ~$740.0M
  6. 6 ConcernedApe top: Stardew Valley 1 title ~$687.8M
  7. 7 Iron Gate AB top: Valheim 1 title ~$628.4M
  8. 8 Team Cherry top: Hollow Knight 2 titles ~$607.0M
  9. 9 Re-Logic top: Terraria 1 title ~$600.6M
  10. 10 Kinetic Games top: Phasmophobia 1 title ~$585.3M
  11. 11 Studio Wildcard top: ARK: Survival Evolved 2 titles ~$551.2M
  12. 12 The Fun Pimps top: 7 Days to Die 1 title ~$538.0M
  13. 13 Klei Entertainment top: Don't Starve Together 10 titles ~$535.0M
  14. 14 TaleWorlds Entertainment top: Mount & Blade II: Bannerlord 2 titles ~$495.3M
  15. 15 Supergiant Games top: Hades 5 titles ~$492.8M
  16. 16 The Indie Stone top: Project Zomboid 1 title ~$492.1M
  17. 17 VOID Interactive top: Ready or Not 1 title ~$489.5M
  18. 18 Coffee Stain Studios top: Satisfactory 5 titles ~$484.3M
  19. 19 Pocketpair top: Palworld 3 titles ~$407.4M
  20. 20 Sandfall Interactive top: Clair Obscur: Expedition 33 1 title ~$397.4M
  21. 21 Ludeon Studios top: RimWorld 1 title ~$374.7M
  22. 22 Offworld top: Squad 3 titles ~$371.1M
  23. 23 Mega Crit top: Slay the Spire 2 titles ~$353.2M
  24. 24 Wube Software LTD. top: Factorio 1 title ~$351.3M
  25. 25 Nicalis, Inc. top: The Binding of Isaac: Rebirth 3 titles ~$307.2M
  26. 26 Arsi "Hakita" Patala top: ULTRAKILL 1 title ~$291.3M
  27. 27 Red Barrels top: The Outlast Trials 3 titles ~$291.1M
  28. 28 Squad top: Kerbal Space Program 1 title ~$288.9M
  29. 29 Hopoo Games top: Risk of Rain 2 3 titles ~$286.2M
  30. 30 ZA/UM top: Disco Elysium - The Final Cut 2 titles ~$269.5M
  31. 31 Redbeet Interactive top: Raft 1 title ~$258.2M
  32. 32 tobyfox top: Undertale 2 titles ~$245.1M
  33. 33 Expression Games top: Hell Let Loose 1 title ~$227.4M
  34. 34 Red Hook Studios top: Darkest Dungeon® 2 titles ~$226.5M
  35. 35 System Era Softworks top: ASTRONEER 1 title ~$214.6M
  36. 36 Studio MDHR Entertainment Inc. top: Cuphead 1 title ~$203.9M
  37. 37 Monomi Park top: Slime Rancher 2 titles ~$202.2M
  38. 38 BlueTwelve Studio top: Stray 1 title ~$202.1M
  39. 39 No Brakes Games top: Human Fall Flat 2 titles ~$199.5M
  40. 40 Motion Twin top: Dead Cells 2 titles ~$187.7M
  41. 41 Shiro Games top: Northgard: Definitive Edition 7 titles ~$170.9M
  42. 42 TVGS top: Schedule I 1 title ~$164.4M
  43. 43 AdHoc Studio top: Dispatch 1 title ~$163.9M
  44. 44 Steel Wool Studios top: Five Nights at Freddy's: Security Breach 4 titles ~$159.8M
  45. 45 Fatshark top: Warhammer: Vermintide 2 2 titles ~$158.0M
  46. 46 Crate Entertainment top: Grim Dawn 2 titles ~$157.2M
  47. 47 Landfall top: Totally Accurate Battle Simulator 5 titles ~$152.3M
  48. 48 Daniel Mullins Games top: Inscryption 3 titles ~$148.7M
  49. 49 Tuxedo Labs top: Teardown 1 title ~$140.6M
  50. 50 Kunos Simulazioni top: Assetto Corsa 1 title ~$139.5M
  51. 51 Gamepires top: SCUM 1 title ~$138.9M
  52. 52 Eleventh Hour Games top: Last Epoch 1 title ~$138.4M
  53. 53 Lo-Fi Games top: Kenshi 1 title ~$134.5M
  54. 54 The Behemoth top: Castle Crashers® 4 titles ~$133.9M
  55. 55 Zeekerss top: Lethal Company 3 titles ~$130.2M
  56. 56 Frictional Games top: SOMA 5 titles ~$129.0M
  57. 57 Playdead top: INSIDE 2 titles ~$129.0M
  58. 58 Hinterland Studio Inc. top: The Long Dark 1 title ~$127.5M
  59. 59 Croteam top: The Talos Principle 7 titles ~$126.5M
  60. 60 ProjectMoon top: Lobotomy Corporation | Monster Management Simulation 2 titles ~$120.5M
  61. 61 mestiez top: People Playground 1 title ~$119.0M
  62. 62 RobTop Games top: Geometry Dash 1 title ~$118.3M
  63. 63 Crowbar Collective top: Black Mesa 1 title ~$115.3M
  64. 64 Maddy Makes Games Inc. top: Celeste 2 titles ~$115.0M
  65. 65 Pathea Games top: My Time at Sandrock 3 titles ~$113.0M
  66. 66 MINTROCKET top: DAVE THE DIVER 1 title ~$111.8M
  67. 67 Slavic Magic top: Manor Lords 1 title ~$111.1M
  68. 68 Triternion top: MORDHAU 1 title ~$109.9M
  69. 69 Afterthought LLC top: The Isle 1 title ~$109.7M
  70. 70 Ninja Theory top: Hellblade: Senua's Sacrifice 1 title ~$108.6M
  71. 71 Wallpaper Engine Team top: Wallpaper Engine 1 title ~$107.5M
  72. 72 Hazelight Studios top: A Way Out 1 title ~$107.0M
  73. 73 Campo Santo top: Firewatch 1 title ~$106.9M
  74. 74 Sloclap top: Sifu 3 titles ~$106.6M
  75. 75 The Game Kitchen top: Blasphemous 4 titles ~$106.5M
  76. 76 Dennaton Games top: Hotline Miami 2: Wrong Number 2 titles ~$106.5M
  77. 77 FakeFish top: Barotrauma 1 title ~$105.8M
  78. 78 Empyrean top: House Flipper 1 title ~$105.3M
  79. 79 Massive Monster top: Cult of the Lamb 2 titles ~$104.4M
  80. 80 Keen Games GmbH top: Enshrouded 1 title ~$103.6M
  81. 81 11 bit studios top: This War of Mine 2 titles ~$102.3M
  82. 82 Introversion Software top: Prison Architect 5 titles ~$101.3M
  83. 83 Mobius Digital top: Outer Wilds 1 title ~$99.9M
  84. 84 Axolot Games top: Scrap Mechanic 1 title ~$99.5M
  85. 85 Owlcat Games top: Warhammer 40,000: Rogue Trader 2 titles ~$97.0M
  86. 86 Gears for Breakfast top: A Hat in Time 1 title ~$96.1M
  87. 87 Chucklefish top: Starbound 2 titles ~$96.0M
  88. 88 Keen Software House top: Space Engineers 3 titles ~$94.2M
  89. 89 Creepy Jar top: Green Hell 2 titles ~$93.9M
  90. 90 Thunder Lotus top: Spiritfarer®: Farewell Edition 4 titles ~$88.1M
  91. 91 鬼谷工作室 top: 鬼谷八荒 Tale of Immortal 1 title ~$86.8M
  92. 92 Larian Studios top: Divinity: Original Sin - Enhanced Edition 1 title ~$86.6M
  93. 93 Ghost Town Games Ltd. top: Overcooked! 2 2 titles ~$82.4M
  94. 94 New World Interactive top: Insurgency 2 titles ~$78.5M
  95. 95 OMOCAT, LLC top: OMORI 1 title ~$77.4M
  96. 96 Mimimi Games top: Shadow Tactics: Blades of the Shogun 2 titles ~$77.3M
  97. 97 Render Cube top: Medieval Dynasty 1 title ~$77.3M
  98. 98 Gunfire Reborn Studio top: Gunfire Reborn 1 title ~$75.8M
  99. 99 Lucas Pope top: Papers, Please 2 titles ~$73.9M
  100. 100 AIHASTO top: MiSide 1 title ~$73.0M
  101. 101 Edmund McMillen top: Mewgenics 5 titles ~$71.6M
  102. 102 Youthcat Studio top: Dyson Sphere Program 1 title ~$71.5M
  103. 103 SteelRaven7 top: Ravenfield 1 title ~$70.7M
  104. 104 Torn Banner Studios top: Chivalry: Medieval Warfare 2 titles ~$70.5M
  105. 105 Eugen Systems top: Wargame: Red Dragon 6 titles ~$69.8M
  106. 106 Nolla Games top: Noita 1 title ~$69.4M
  107. 107 Nomada Studio top: GRIS 2 titles ~$67.4M
  108. 108 SUPERHOT Team top: SUPERHOT 2 titles ~$65.9M
  109. 109 WarpFrog top: Blade and Sorcery 1 title ~$65.7M
  110. 110 Videocult top: Rain World 1 title ~$63.1M
  111. 111 Crema top: Temtem 2 titles ~$62.5M
  112. 112 Questline top: Tainted Grail: The Fall of Avalon 2 titles ~$62.3M
  113. 113 Dodge Roll top: Enter the Gungeon 2 titles ~$62.3M
  114. 114 LocalThunk top: Balatro 1 title ~$61.8M
  115. 115 Giant Sparrow top: What Remains of Edith Finch 2 titles ~$61.4M
  116. 116 Team PEAK top: PEAK 1 title ~$61.0M
  117. 117 Aether Studios top: Rivals of Aether 3 titles ~$60.9M
  118. 118 Running With Scissors top: POSTAL 2 2 titles ~$59.8M
  119. 119 Beat Games top: Beat Saber 1 title ~$59.7M
  120. 120 NeocoreGames top: Warhammer 40,000: Inquisitor - Martyr 5 titles ~$59.3M
  121. 121 Reissad Studio top: Bodycam 1 title ~$58.7M
  122. 122 Amistech Games top: My Summer Car 2 titles ~$58.4M
  123. 123 Free Lives top: Broforce 6 titles ~$57.8M
  124. 124 Boneloaf top: Gang Beasts 1 title ~$56.3M
  125. 125 Urban Games top: Transport Fever 2 1 title ~$55.8M
  126. 126 Freebird Games top: To the Moon 5 titles ~$55.6M
  127. 127 BlackMill Games top: Verdun 4 titles ~$54.0M
  128. 128 RedCandleGames top: Nine Sols 2 titles ~$53.4M
  129. 129 Frozenbyte top: Trine 4: The Nightmare Prince 6 titles ~$51.5M
  130. 130 Black Salt Games top: DREDGE 1 title ~$49.9M
  131. 131 Mechanistry top: Timberborn 1 title ~$49.8M
  132. 132 SOUTHPAW GAMES top: Skul: The Hero Slayer 1 title ~$49.3M
  133. 133 Stress Level Zero top: BONEWORKS 4 titles ~$49.2M
  134. 134 Live Wire top: ENDER LILIES: Quietus of the Knights 1 title ~$49.1M
  135. 135 Team17 top: The Escapists 2 3 titles ~$48.9M
  136. 136 Lazy Bear Games top: Graveyard Keeper 5 titles ~$48.7M
  137. 137 Two Point Studios top: Two Point Hospital 3 titles ~$48.0M
  138. 138 Dynamic Pixels top: Hello Neighbor 1 title ~$47.0M
  139. 139 Tour De Pizza top: Pizza Tower 1 title ~$45.4M
  140. 140 Siege Camp top: Foxhole 2 titles ~$44.7M
  141. 141 Shining Rock Software LLC top: Banished 1 title ~$44.5M
  142. 142 Tripwire Interactive top: Maneater 1 title ~$44.3M
  143. 143 Intercept Games top: Kerbal Space Program 2 1 title ~$43.8M
  144. 144 Maxim Karpenko top: WorldBox - God Simulator 1 title ~$43.6M
  145. 145 ConchShip Games top: The Scroll of Taiwu : Beyond The Dome 1 title ~$43.6M
  146. 146 Bugbear top: Wreckfest 1 title ~$43.0M
  147. 147 Team Soda top: Escape From Duckov 1 title ~$42.9M
  148. 148 Askiisoft top: Katana ZERO 1 title ~$42.6M
  149. 149 Subset Games top: FTL: Faster Than Light 2 titles ~$42.5M
  150. 150 FuturLab top: PowerWash Simulator 2 titles ~$42.5M
  151. 151 IronOak Games top: For The King 2 titles ~$41.9M
  152. 152 Daedalic Entertainment top: Ken Follett's The Pillars of the Earth 14 titles ~$41.8M
  153. 153 Berserk Games top: Tabletop Simulator 1 title ~$41.7M
  154. 154 Forward Development, Ltd. top: City Car Driving 2 titles ~$41.4M
  155. 155 Thekla, Inc. top: The Witness 1 title ~$41.2M
  156. 156 FYQD-Studio top: Bright Memory: Infinite 2 titles ~$40.7M
  157. 157 PuffballsUnited top: The Henry Stickmin Collection 1 title ~$40.5M
  158. 158 Hidden Variable Studios top: Skullgirls 2nd Encore 1 title ~$39.6M
  159. 159 The Swordman Studio top: Wandering Sword 1 title ~$39.5M
  160. 160 Crows Crows Crows top: The Stanley Parable: Ultra Deluxe 2 titles ~$39.1M
  161. 161 Ink Stains Games top: Stoneshard 1 title ~$38.9M
  162. 162 WOLCEN Studio top: Wolcen: Lords of Mayhem 1 title ~$38.8M
  163. 163 Amanita Design top: Machinarium 7 titles ~$38.8M
  164. 164 Runic Games top: Torchlight II 2 titles ~$38.8M
  165. 165 Giant Army top: Universe Sandbox 1 title ~$38.1M
  166. 166 Flashbulb top: Trailmakers 1 title ~$38.0M
  167. 167 Ndemic Creations top: Plague Inc: Evolved 1 title ~$37.9M
  168. 168 Easy Day Studios Pty Ltd top: Skater XL - The Ultimate Skateboarding Game 1 title ~$37.8M
  169. 169 Future Cat LLC top: OneShot 2 titles ~$37.2M
  170. 170 Rebuilt Games top: Pummel Party 1 title ~$37.1M
  171. 171 香港商河洛互動娛樂股份有限公司 top: Path Of Wuxia 1 title ~$36.7M
  172. 172 Claudiu Kiss top: PC Building Simulator 1 title ~$36.1M
  173. 173 The Game Bakers top: Cairn 3 titles ~$35.4M
  174. 174 President Studio top: Crime Scene Cleaner 1 title ~$35.3M
  175. 175 Vankrupt Games top: Pavlov 1 title ~$35.1M
  176. 176 Fancy Games top: Escape the Backrooms 1 title ~$35.0M
  177. 177 poncle top: Vampire Survivors 2 titles ~$35.0M
  178. 178 Yacht Club Games top: Shovel Knight: Treasure Trove 4 titles ~$35.0M
  179. 179 Mossmouth top: Spelunky 2 3 titles ~$34.8M
  180. 180 Team Reptile top: Bomb Rush Cyberfunk 3 titles ~$34.7M
  181. 181 Galactic Cafe top: The Stanley Parable 1 title ~$34.5M
  182. 182 WSS playground top: NEEDY STREAMER OVERLOAD 2 titles ~$34.4M
  183. 183 Scott Cawthon top: Five Nights at Freddy's 5 titles ~$34.4M
  184. 184 Genesz top: The Long Drive 1 title ~$34.3M
  185. 185 7th Beat Games top: A Dance of Fire and Ice 2 titles ~$34.3M
  186. 186 Pugstorm top: Core Keeper 2 titles ~$34.3M
  187. 187 EXOR Studios top: The Riftbreaker 2 titles ~$33.5M
  188. 188 Compulsion Games top: We Happy Few 2 titles ~$33.2M
  189. 189 Acacia top: Magical Girl Witch Trials 1 title ~$33.1M
  190. 190 Recreate Games top: Party Animals 1 title ~$32.9M
  191. 191 Bay 12 Games top: Dwarf Fortress 1 title ~$32.6M
  192. 192 Noble Muffins top: Thief Simulator 2 titles ~$32.6M
  193. 193 Boundless Dynamics, LLC top: VTOL VR 1 title ~$32.3M
  194. 194 Bloober Team SA top: Layers of Fear (2016) 4 titles ~$32.2M
  195. 195 Robot Entertainment top: Orcs Must Die! 3 4 titles ~$31.8M
  196. 196 OPNeon Games top: TCG Card Shop Simulator 1 title ~$31.7M
  197. 197 艺龙游戏 top: 嗜血印 Bloody Spell 1 title ~$31.7M
  198. 198 Nokta Games top: Supermarket Simulator 1 title ~$31.6M
  199. 199 Clever Endeavour Games top: Ultimate Chicken Horse 1 title ~$31.6M
  200. 200 Polymorph Games top: Foundation 1 title ~$31.4M

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 heuristics from public Steam data, not company filings. The displayed range is fixed and has not been statistically validated against a ground-truth financial dataset; actual revenue may fall outside it. Open the formula on any game before using the ranking.