Top Action indie studios by revenue

indielist ranks 100 indie studios that ship Action games, by estimated revenue from their Action titles (white-box, Boxleiter-derived from Steam reviews). Leading is Valve at ~$4957.6M. Estimates, not financials — open the formula on any game.

1. 1 Valve top: Counter-Strike 2 9 titles ~$4957.6M
2. 2 FromSoftware, Inc. top: ELDEN RING 8 titles ~$4424.3M
3. 3 Rockstar Games top: Red Dead Redemption 2 2 titles ~$2556.6M
4. 4 CAPCOM Co., Ltd. top: Monster Hunter: World 13 titles ~$2481.1M
5. 5 Facepunch Studios top: Rust 4 titles ~$2351.0M
6. 6 Game Science top: Black Myth: Wukong 1 title ~$2244.1M
7. 7 Ubisoft Montreal top: Tom Clancy's Rainbow Six Siege 9 titles ~$2215.8M
8. 8 Bohemia Interactive top: DayZ 4 titles ~$1317.1M
9. 9 PUBG Corporation top: PUBG: BATTLEGROUNDS 1 title ~$1055.9M
10. 10 Hello Games top: No Man's Sky 1 title ~$1003.2M
11. 11 CREATIVE ASSEMBLY top: Total War: WARHAMMER II 5 titles ~$892.8M
12. 12 DICE top: Battlefield™ 2042 3 titles ~$828.9M
13. 13 Endnight Games Ltd top: The Forest 2 titles ~$794.7M
14. 14 Playground Games top: Forza Horizon 5 1 title ~$782.4M
15. 15 Gearbox Software top: Borderlands 3 6 titles ~$727.6M
16. 16 Avalanche Software top: Hogwarts Legacy 1 title ~$693.8M
17. 17 Hazelight Studios top: It Takes Two 3 titles ~$680.8M
18. 18 Rare Ltd top: Sea of Thieves: 2026 Edition 1 title ~$656.4M
19. 19 TaleWorlds Entertainment top: Mount & Blade II: Bannerlord 3 titles ~$623.8M
20. 20 Behaviour Interactive Inc. top: Dead by Daylight 1 title ~$604.3M
21. 21 Square Enix top: NieR:Automata™ 8 titles ~$593.2M
22. 22 Re-Logic top: Terraria 1 title ~$590.8M
23. 23 Team Cherry top: Hollow Knight 3 titles ~$590.4M
24. 24 Ubisoft Quebec top: Assassin's Creed® Odyssey 2 titles ~$590.1M
25. 25 Kinetic Games top: Phasmophobia 1 title ~$580.1M
26. 26 Studio Wildcard top: ARK: Survival Evolved 8 titles ~$546.5M
27. 27 The Fun Pimps top: 7 Days to Die 2 titles ~$526.3M
28. 28 Techland top: Dying Light 2 Stay Human: Reloaded Edition 4 titles ~$521.3M
29. 29 id Software top: DOOM Eternal 2 titles ~$490.8M
30. 30 Supergiant Games top: Hades 4 titles ~$487.5M
31. 31 343 Industries top: Halo: The Master Chief Collection 1 title ~$485.8M
32. 32 Ubisoft top: Watch_Dogs® 2 5 titles ~$480.9M
33. 33 Warhorse Studios top: Kingdom Come: Deliverance II 2 titles ~$470.5M
34. 34 Quantic Dream top: Detroit: Become Human 2 titles ~$466.4M
35. 35 Pocketpair top: Palworld 2 titles ~$416.5M
36. 36 Offworld top: Squad 3 titles ~$403.7M
37. 37 Ghost Games top: Need for Speed™ Heat 1 title ~$397.8M
38. 38 KOEI TECMO GAMES CO., LTD. top: Nioh: Complete Edition 7 titles ~$393.5M
39. 39 Insomniac Games top: Marvel’s Spider-Man Remastered 3 titles ~$392.8M
40. 40 Santa Monica Studio top: God of War 2 titles ~$390.1M
41. 41 Iron Gate AB top: Valheim 1 title ~$388.1M
42. 42 Crystal Dynamics top: Rise of the Tomb Raider™ 2 titles ~$377.1M
43. 43 Obsidian Entertainment top: Grounded 5 titles ~$361.0M
44. 44 Saber Interactive top: Warhammer 40,000: Space Marine 2 1 title ~$353.9M
45. 45 BioWare top: Mass Effect™ Legendary Edition 4 titles ~$334.2M
46. 46 Ubisoft Paris top: Tom Clancy's Ghost Recon® Wildlands 2 titles ~$333.3M
47. 47 Sandfall Interactive top: Clair Obscur: Expedition 33 1 title ~$325.7M
48. 48 Treyarch top: Call of Duty®: Black Ops II 3 titles ~$324.2M
49. 49 4A Games top: Metro Exodus 3 titles ~$320.9M
50. 50 Moon Studios GmbH top: Ori and the Will of the Wisps 3 titles ~$316.0M
51. 51 Fatshark top: Warhammer 40,000: Darktide 4 titles ~$311.7M
52. 52 Respawn Entertainment top: STAR WARS Jedi: Fallen Order™ 1 title ~$310.5M
53. 53 Hopoo Games top: Risk of Rain 2 4 titles ~$302.9M
54. 54 Nicalis, Inc. top: The Binding of Isaac: Rebirth 5 titles ~$298.8M
55. 55 Klei Entertainment top: Don't Starve Together 2 titles ~$289.4M
56. 56 Red Barrels top: The Outlast Trials 4 titles ~$280.2M
57. 57 Rockstar North top: Grand Theft Auto V Enhanced 2 titles ~$265.0M
58. 58 Pearl Abyss top: Crimson Desert 2 titles ~$260.4M
59. 59 Monolith Productions top: Middle-earth™: Shadow of War™ 1 title ~$259.4M
60. 60 Eidos-Montréal top: Shadow of the Tomb Raider: Definitive Edition 3 titles ~$258.2M
61. 61 Funcom top: Conan Exiles Enhanced 3 titles ~$251.7M
62. 62 QLOC top: DARK SOULS™: REMASTERED 2 titles ~$245.0M
63. 63 Frontier Developments top: Planet Coaster 3 titles ~$239.2M
64. 64 OVERKILL - a Starbreeze Studio. top: PAYDAY 2 2 titles ~$235.1M
65. 65 Capcom top: Resident Evil 4 (2005) 4 titles ~$230.6M
66. 66 GSC Game World top: S.T.A.L.K.E.R. 2: Heart of Chornobyl 2 titles ~$230.3M
67. 67 Gunfire Games top: Remnant: From the Ashes 4 titles ~$229.9M
68. 68 Rocksteady Studios top: Batman™: Arkham Knight 3 titles ~$228.3M
69. 69 Expression Games top: Hell Let Loose 1 title ~$223.7M
70. 70 Evil Mojo Games top: Paladins® 1 title ~$222.0M
71. 71 Hangar 13 top: Mafia: Definitive Edition 2 titles ~$218.4M
72. 72 Respawn top: STAR WARS Jedi: Survivor™ 1 title ~$200.9M
73. 73 Studio MDHR Entertainment Inc. top: Cuphead 2 titles ~$196.1M
74. 74 Naughty Dog LLC top: The Last of Us™ Part I 2 titles ~$196.1M
75. 75 Motion Twin top: Dead Cells 6 titles ~$185.5M
76. 76 Avalanche Studios top: Just Cause™ 3 3 titles ~$184.1M
77. 77 Monomi Park top: Slime Rancher 2 titles ~$180.2M
78. 78 ATLUS top: Metaphor: ReFantazio 2 titles ~$178.9M
79. 79 Irrational Games top: BioShock Infinite 1 title ~$177.2M
80. 80 Arc System Works top: DRAGON BALL FighterZ 1 title ~$168.0M
81. 81 Arkane Studios top: Dishonored 2 4 titles ~$166.5M
82. 82 Bend Studio top: Days Gone 1 title ~$166.1M
83. 83 IO Interactive A/S top: HITMAN World of Assassination 1 title ~$163.5M
84. 84 Stunlock Studios top: V Rising 1 title ~$163.4M
85. 85 Bandai Namco Studios Inc. top: SCARLET NEXUS 2 titles ~$160.6M
86. 86 Sucker Punch Productions top: Ghost of Tsushima DIRECTOR'S CUT 1 title ~$158.0M
87. 87 TVGS top: Schedule I 1 title ~$157.7M
88. 88 AdHoc Studio top: Dispatch 1 title ~$157.2M
89. 89 MachineGames top: Wolfenstein II: The New Colossus 2 titles ~$152.2M
90. 90 Ryu Ga Gotoku Studio top: Like a Dragon: Infinite Wealth 6 titles ~$151.0M
91. 91 Grinding Gear Games top: Path of Exile 2 1 title ~$150.7M
92. 92 Steel Wool Studios top: Five Nights at Freddy's: Security Breach 2 titles ~$150.2M
93. 93 Motive top: Dead Space 1 title ~$148.7M
94. 94 Croteam top: The Talos Principle 5 titles ~$145.0M
95. 95 NEOWIZ top: Lies of P 1 title ~$143.6M
96. 96 DONTNOD Entertainment top: Life is Strange - Episode 1 2 titles ~$139.9M
97. 97 Eleventh Hour Games top: Last Epoch 3 titles ~$138.2M
98. 98 Gamepires top: SCUM 1 title ~$137.1M
99. 99 Tuxedo Labs top: Teardown 1 title ~$136.1M
100. 100 Guerrilla top: Horizon Forbidden West™ Complete Edition 2 titles ~$135.7M

Estimates only. How is this calculated?