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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 CD PROJEKT RED at ~$5247.7M across 6 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 CD PROJEKT RED top: Cyberpunk 2077 6 titles ~$5247.7M
  2. 2 Valve top: Counter-Strike 2 9 titles ~$4957.6M
  3. 3 FromSoftware, Inc. top: ELDEN RING 8 titles ~$4424.3M
  4. 4 Facepunch Studios top: Rust 5 titles ~$2779.2M
  5. 5 Larian Studios top: Baldur's Gate 3 3 titles ~$2771.7M
  6. 6 CAPCOM Co., Ltd. top: Monster Hunter: World 17 titles ~$2616.3M
  7. 7 Rockstar Games top: Red Dead Redemption 2 2 titles ~$2556.6M
  8. 8 Game Science top: Black Myth: Wukong 1 title ~$2244.1M
  9. 9 Ubisoft Montreal top: Tom Clancy's Rainbow Six Siege 9 titles ~$2215.8M
  10. 10 Paradox Development Studio top: Hearts of Iron IV 6 titles ~$1907.6M
  11. 11 Bethesda Game Studios top: The Elder Scrolls V: Skyrim Special Edition 13 titles ~$1519.1M
  12. 12 Firaxis Games top: Sid Meier’s Civilization® VI 6 titles ~$1429.0M
  13. 13 Bohemia Interactive top: DayZ 4 titles ~$1317.1M
  14. 14 CREATIVE ASSEMBLY top: Total War: WARHAMMER II 7 titles ~$1160.5M
  15. 15 PUBG Corporation top: PUBG: BATTLEGROUNDS 1 title ~$1055.9M
  16. 16 Hello Games top: No Man's Sky 2 titles ~$1017.5M
  17. 17 Square Enix top: NieR:Automata™ 19 titles ~$1000.9M
  18. 18 SCS Software top: Euro Truck Simulator 2 55 titles ~$982.8M
  19. 19 Playground Games top: Forza Horizon 5 2 titles ~$928.4M
  20. 20 DICE top: Battlefield™ 2042 3 titles ~$828.9M
  21. 21 Endnight Games Ltd top: The Forest 2 titles ~$794.7M
  22. 22 Unknown Worlds Entertainment top: Subnautica 4 titles ~$767.4M
  23. 23 Gearbox Software top: Borderlands 3 6 titles ~$727.6M
  24. 24 Avalanche Software top: Hogwarts Legacy 1 title ~$693.8M
  25. 25 Hazelight Studios top: It Takes Two 3 titles ~$680.8M
  26. 26 ConcernedApe top: Stardew Valley 2 titles ~$670.8M
  27. 27 Rare Ltd top: Sea of Thieves: 2026 Edition 1 title ~$656.4M
  28. 28 ATLUS top: Persona 5 Royal 7 titles ~$650.3M
  29. 29 TaleWorlds Entertainment top: Mount & Blade II: Bannerlord 3 titles ~$623.8M
  30. 30 Behaviour Interactive Inc. top: Dead by Daylight 1 title ~$604.3M
  31. 31 Re-Logic top: Terraria 1 title ~$590.8M
  32. 32 Team Cherry top: Hollow Knight 3 titles ~$590.4M
  33. 33 Ubisoft Quebec top: Assassin's Creed® Odyssey 2 titles ~$590.1M
  34. 34 Kinetic Games top: Phasmophobia 1 title ~$580.1M
  35. 35 Studio Wildcard top: ARK: Survival Evolved 8 titles ~$546.5M
  36. 36 Obsidian Entertainment top: Grounded 10 titles ~$535.1M
  37. 37 The Fun Pimps top: 7 Days to Die 2 titles ~$526.3M
  38. 38 Techland top: Dying Light 2 Stay Human: Reloaded Edition 4 titles ~$521.3M
  39. 39 Frontier Developments top: Planet Coaster 5 titles ~$511.0M
  40. 40 Klei Entertainment top: Don't Starve Together 9 titles ~$505.7M
  41. 41 BeamNG top: BeamNG.drive 1 title ~$500.3M
  42. 42 id Software top: DOOM Eternal 2 titles ~$490.8M
  43. 43 Supergiant Games top: Hades 4 titles ~$487.5M
  44. 44 343 Industries top: Halo: The Master Chief Collection 1 title ~$485.8M
  45. 45 Ubisoft top: Watch_Dogs® 2 5 titles ~$480.9M
  46. 46 Coffee Stain Studios top: Satisfactory 3 titles ~$477.9M
  47. 47 Warhorse Studios top: Kingdom Come: Deliverance II 2 titles ~$470.5M
  48. 48 Quantic Dream top: Detroit: Become Human 2 titles ~$466.4M
  49. 49 Saber Interactive top: Warhammer 40,000: Space Marine 2 3 titles ~$460.3M
  50. 50 World's Edge top: Age of Empires II: Definitive Edition 3 titles ~$448.8M
  51. 51 Pocketpair top: Palworld 2 titles ~$416.5M
  52. 52 BioWare top: Mass Effect™ Legendary Edition 6 titles ~$407.6M
  53. 53 Offworld top: Squad 3 titles ~$403.7M
  54. 54 Ghost Games top: Need for Speed™ Heat 1 title ~$397.8M
  55. 55 KOEI TECMO GAMES CO., LTD. top: Nioh: Complete Edition 7 titles ~$393.5M
  56. 56 Insomniac Games top: Marvel’s Spider-Man Remastered 3 titles ~$392.8M
  57. 57 Santa Monica Studio top: God of War 2 titles ~$390.1M
  58. 58 Iron Gate AB top: Valheim 1 title ~$388.1M
  59. 59 Ludeon Studios top: RimWorld 6 titles ~$379.3M
  60. 60 Crystal Dynamics top: Rise of the Tomb Raider™ 2 titles ~$377.1M
  61. 61 Colossal Order top: Cities: Skylines 1 title ~$354.4M
  62. 62 The Indie Stone top: Project Zomboid 1 title ~$353.5M
  63. 63 Ubisoft Paris top: Tom Clancy's Ghost Recon® Wildlands 2 titles ~$333.3M
  64. 64 Sandfall Interactive top: Clair Obscur: Expedition 33 1 title ~$325.7M
  65. 65 Treyarch top: Call of Duty®: Black Ops II 3 titles ~$324.2M
  66. 66 4A Games top: Metro Exodus 3 titles ~$320.9M
  67. 67 Moon Studios GmbH top: Ori and the Will of the Wisps 3 titles ~$316.0M
  68. 68 Mega Crit top: Slay the Spire 2 titles ~$312.2M
  69. 69 Fatshark top: Warhammer 40,000: Darktide 4 titles ~$311.7M
  70. 70 Respawn Entertainment top: STAR WARS Jedi: Fallen Order™ 1 title ~$310.5M
  71. 71 Asobo Studio top: Microsoft Flight Simulator (2020) 40th Anniversary Edition 2 titles ~$309.3M
  72. 72 Hopoo Games top: Risk of Rain 2 4 titles ~$302.9M
  73. 73 Nicalis, Inc. top: The Binding of Isaac: Rebirth 5 titles ~$298.8M
  74. 74 Naughty Dog LLC top: The Last of Us™ Part I 3 titles ~$296.1M
  75. 75 Wube Software LTD. top: Factorio 2 titles ~$295.8M
  76. 76 Red Barrels top: The Outlast Trials 4 titles ~$280.2M
  77. 77 Squad top: Kerbal Space Program 3 titles ~$280.0M
  78. 78 Rockstar North top: Grand Theft Auto V Enhanced 2 titles ~$265.0M
  79. 79 ZA/UM top: Disco Elysium - The Final Cut 2 titles ~$264.8M
  80. 80 Pearl Abyss top: Crimson Desert 2 titles ~$260.4M
  81. 81 Monolith Productions top: Middle-earth™: Shadow of War™ 1 title ~$259.4M
  82. 82 Eidos-Montréal top: Shadow of the Tomb Raider: Definitive Edition 3 titles ~$258.2M
  83. 83 11 bit studios top: Frostpunk 2 titles ~$255.5M
  84. 84 Redbeet Interactive top: Raft 1 title ~$254.5M
  85. 85 Funcom top: Conan Exiles Enhanced 3 titles ~$251.7M
  86. 86 QLOC top: DARK SOULS™: REMASTERED 2 titles ~$245.0M
  87. 87 OVERKILL - a Starbreeze Studio. top: PAYDAY 2 2 titles ~$235.1M
  88. 88 Capcom top: Resident Evil 4 (2005) 4 titles ~$230.6M
  89. 89 GSC Game World top: S.T.A.L.K.E.R. 2: Heart of Chornobyl 2 titles ~$230.3M
  90. 90 Gunfire Games top: Remnant: From the Ashes 4 titles ~$229.9M
  91. 91 Rocksteady Studios top: Batman™: Arkham Knight 3 titles ~$228.3M
  92. 92 Red Hook Studios top: Darkest Dungeon® 4 titles ~$227.6M
  93. 93 Expression Games top: Hell Let Loose 1 title ~$223.7M
  94. 94 Evil Mojo Games top: Paladins® 1 title ~$222.0M
  95. 95 Ninja Kiwi top: Bloons TD 6 4 titles ~$219.1M
  96. 96 Hangar 13 top: Mafia: Definitive Edition 2 titles ~$218.4M
  97. 97 tobyfox top: Undertale 2 titles ~$215.3M
  98. 98 Respawn top: STAR WARS Jedi: Survivor™ 1 title ~$200.9M
  99. 99 No Brakes Games top: Human Fall Flat 1 title ~$197.5M
  100. 100 BlueTwelve Studio top: Stray 1 title ~$197.2M
  101. 101 Studio MDHR Entertainment Inc. top: Cuphead 2 titles ~$196.1M
  102. 102 Expansive Worlds top: theHunter: Call of the Wild™ 1 title ~$189.5M
  103. 103 Motion Twin top: Dead Cells 6 titles ~$185.5M
  104. 104 Avalanche Studios top: Just Cause™ 3 3 titles ~$184.1M
  105. 105 System Era Softworks top: ASTRONEER 5 titles ~$182.2M
  106. 106 Monomi Park top: Slime Rancher 2 titles ~$180.2M
  107. 107 Shiro Games top: Northgard: Definitive Edition 8 titles ~$179.5M
  108. 108 Irrational Games top: BioShock Infinite 1 title ~$177.2M
  109. 109 DONTNOD Entertainment top: Life is Strange - Episode 1 3 titles ~$169.0M
  110. 110 Arc System Works top: DRAGON BALL FighterZ 1 title ~$168.0M
  111. 111 Arkane Studios top: Dishonored 2 4 titles ~$166.5M
  112. 112 Bend Studio top: Days Gone 1 title ~$166.1M
  113. 113 IO Interactive A/S top: HITMAN World of Assassination 1 title ~$163.5M
  114. 114 Stunlock Studios top: V Rising 1 title ~$163.4M
  115. 115 Bandai Namco Studios Inc. top: SCARLET NEXUS 2 titles ~$160.6M
  116. 116 Steel Wool Studios top: Five Nights at Freddy's: Security Breach 3 titles ~$159.2M
  117. 117 Sucker Punch Productions top: Ghost of Tsushima DIRECTOR'S CUT 1 title ~$158.0M
  118. 118 TVGS top: Schedule I 1 title ~$157.7M
  119. 119 AdHoc Studio top: Dispatch 2 titles ~$157.3M
  120. 120 MachineGames top: Wolfenstein II: The New Colossus 2 titles ~$152.2M
  121. 121 Ryu Ga Gotoku Studio top: Like a Dragon: Infinite Wealth 6 titles ~$151.0M
  122. 122 Grinding Gear Games top: Path of Exile 2 1 title ~$150.7M
  123. 123 Motive top: Dead Space 1 title ~$148.7M
  124. 124 Croteam top: The Talos Principle 5 titles ~$145.0M
  125. 125 NEOWIZ top: Lies of P 1 title ~$143.6M
  126. 126 Landfall top: Totally Accurate Battle Simulator 3 titles ~$142.9M
  127. 127 Eleventh Hour Games top: Last Epoch 3 titles ~$138.2M
  128. 128 Kunos Simulazioni top: Assetto Corsa 12 titles ~$137.7M
  129. 129 Gamepires top: SCUM 1 title ~$137.1M
  130. 130 Tuxedo Labs top: Teardown 1 title ~$136.1M
  131. 131 Relic Entertainment top: Company of Heroes 3 2 titles ~$135.8M
  132. 132 Guerrilla top: Horizon Forbidden West™ Complete Edition 2 titles ~$135.7M
  133. 133 Tarsier Studios top: Little Nightmares II 2 titles ~$135.0M
  134. 134 Bloober Team SA top: SILENT HILL 2 2 titles ~$133.1M
  135. 135 The Behemoth top: Castle Crashers® 4 titles ~$132.2M
  136. 136 Remedy Entertainment top: CONTROL Ultimate Edition 2 titles ~$132.1M
  137. 137 Turtle Rock Studios top: Back 4 Blood 1 title ~$131.3M
  138. 138 Lo-Fi Games top: Kenshi 1 title ~$131.0M
  139. 139 Zeekerss top: Lethal Company 1 title ~$128.6M
  140. 140 Daniel Mullins Games top: Inscryption 1 title ~$128.2M
  141. 141 Hinterland Studio Inc. top: The Long Dark 2 titles ~$127.1M
  142. 142 SHIFT UP Corporation top: Stellar Blade™ 1 title ~$127.0M
  143. 143 Mimimi Games top: Shadow Tactics: Blades of the Shogun 2 titles ~$125.5M
  144. 144 Bandai Namco Studios top: CODE VEIN 1 title ~$125.1M
  145. 145 New World Interactive top: Insurgency: Sandstorm 1 title ~$123.9M
  146. 146 Crate Entertainment top: Grim Dawn 4 titles ~$123.8M
  147. 147 Ubisoft Montreal, Massive Entertainment, and Ubisoft Shanghai top: Far Cry 3 1 title ~$121.9M
  148. 148 ZeniMax Online Studios top: The Elder Scrolls® Online 1 title ~$121.8M
  149. 149 Keen Games GmbH top: Enshrouded 2 titles ~$121.1M
  150. 150 Owlcat Games top: Warhammer 40,000: Rogue Trader 3 titles ~$120.9M
  151. 151 Playdead top: INSIDE 2 titles ~$118.3M
  152. 152 mestiez top: People Playground 1 title ~$117.3M
  153. 153 Crowbar Collective top: Black Mesa 1 title ~$113.8M
  154. 154 Pathea Games top: My Time at Sandrock 5 titles ~$112.8M
  155. 155 RobTop Games top: Geometry Dash 1 title ~$111.9M
  156. 156 PlatinumGames top: METAL GEAR RISING: REVENGEANCE 1 title ~$111.6M
  157. 157 Massive Entertainment top: Tom Clancy’s The Division™ 1 title ~$111.5M
  158. 158 CyberConnect2 Co. Ltd. top: NARUTO SHIPPUDEN: Ultimate Ninja STORM 4 2 titles ~$111.3M
  159. 159 24 Entertainment top: NARAKA: BLADEPOINT 1 title ~$110.1M
  160. 160 Triternion top: MORDHAU 1 title ~$109.9M
  161. 161 ProjectMoon top: Lobotomy Corporation | Monster Management Simulation 2 titles ~$109.4M
  162. 162 Slavic Magic top: Manor Lords 2 titles ~$109.2M
  163. 163 Maddy Makes Games Inc. top: Celeste 1 title ~$109.0M
  164. 164 Axolot Games top: Scrap Mechanic 1 title ~$107.9M
  165. 165 Ninja Theory top: Hellblade: Senua's Sacrifice 1 title ~$107.7M
  166. 166 MINTROCKET top: DAVE THE DIVER 1 title ~$106.6M
  167. 167 Empyrean top: House Flipper 4 titles ~$105.5M
  168. 168 Campo Santo top: Firewatch 1 title ~$104.8M
  169. 169 Criterion Games top: Need for Speed™ Unbound 1 title ~$104.8M
  170. 170 Wallpaper Engine Team top: Wallpaper Engine 1 title ~$104.6M
  171. 171 LEVEL5 Inc. top: INAZUMA ELEVEN: Victory Road 3 titles ~$103.4M
  172. 172 Ivory Tower top: The Crew™ 2 1 title ~$103.1M
  173. 173 Dennaton Games top: Hotline Miami 2: Wrong Number 2 titles ~$102.5M
  174. 174 Mobius Digital top: Outer Wilds 2 titles ~$101.9M
  175. 175 Massive Monster top: Cult of the Lamb 4 titles ~$99.7M
  176. 176 Skybound Games top: The Walking Dead: The Telltale Definitive Series 1 title ~$99.3M
  177. 177 Introversion Software top: Prison Architect 2 titles ~$98.0M
  178. 178 Iceflake Studios top: Cities: Skylines II 1 title ~$96.8M
  179. 179 Afterthought LLC top: The Isle 1 title ~$95.7M
  180. 180 Beat Games top: Beat Saber 1 title ~$95.3M
  181. 181 Frictional Games top: SOMA 2 titles ~$94.6M
  182. 182 Ubisoft Montreal, Red Storm, Shanghai, Toronto, Kiev top: Far Cry® 4 1 title ~$94.0M
  183. 183 Chucklefish top: Starbound 1 title ~$92.9M
  184. 184 Eidos Montreal top: Deus Ex: Mankind Divided 2 titles ~$91.4M
  185. 185 Media.Vision Inc. top: Digimon Story Time Stranger 1 title ~$91.2M
  186. 186 Keen Software House top: Space Engineers 9 titles ~$91.1M
  187. 187 Red Dot Games top: Car Mechanic Simulator 2018 3 titles ~$90.1M
  188. 188 FakeFish top: Barotrauma 1 title ~$89.8M
  189. 189 鬼谷工作室 top: 鬼谷八荒 Tale of Immortal 1 title ~$87.2M
  190. 190 Blizzard Entertainment, Inc. top: Diablo® IV 1 title ~$86.6M
  191. 191 ArtPlay top: Bloodstained: Ritual of the Night 1 title ~$84.5M
  192. 192 RocketWerkz top: ICARUS 1 title ~$84.1M
  193. 193 Ghost Town Games Ltd. top: Overcooked! 2 2 titles ~$82.7M
  194. 194 Mundfish top: Atomic Heart 1 title ~$81.7M
  195. 195 KOJIMA PRODUCTIONS top: DEATH STRANDING DIRECTOR'S CUT 1 title ~$81.4M
  196. 196 TT Games top: LEGO® Star Wars™: The Skywalker Saga 1 title ~$81.2M
  197. 197 Undead Labs top: State of Decay 2: Juggernaut Edition 2 titles ~$81.0M
  198. 198 Stress Level Zero top: BONEWORKS 3 titles ~$80.3M
  199. 199 Gears for Breakfast top: A Hat in Time 1 title ~$76.6M
  200. 200 Bungie top: Destiny 2 1 title ~$76.5M

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.