Valve 2025 revenue surfaces — $14B through Steam alone

A leaked supplier deck pegs Steam 2025 revenue at $14B with operating margin north of 70%. The most profitable software business in tech you cannot buy.

A leaked supplier deck pegs Valve Steam 2025 revenue at $14B with operating margin north of 70%. The cleanest direct number to leak into the public domain. Per-employee economics are the headline most reporters miss — Valve has roughly 360 employees, which implies $39M of revenue per employee.

The closest comparable in tech is OpenAI, and OpenAI is structurally lower margin. Valve is also the largest single counterparty to a non-public custody and payments stack at this scale. The Steam payment plumbing handles 18 currencies and processes refunds at a scale comparable to top-five global ecommerce platforms.