HELLDIVERS™ 2 Steam Revenue & Sales Estimates

Based on our analysis using the Boxleiter method, we estimate HELLDIVERS™ 2's total gross revenue on Steam at approximately $772,323,907.

This estimate comes with a confidence range:

• Conservative estimate (x20): $594,095,313
• Calibrated midpoint (x26): $772,323,907
• Optimistic estimate (x60): $1,782,285,939

The actual revenue may vary due to regional pricing, seasonal discounts, and refund rates.

With 1,017,635 Steam reviews and a 76% positive rating, we estimate HELLDIVERS™ 2 has sold between 20,352,700 and 61,058,100 copies, with a best estimate of 26,458,510.

This is based on the Boxleiter method, which uses the observation that roughly 1 in every 20 to 60 buyers leaves a Steam review. For the midpoint we do not assume a universal 30x value; we use a calibrated multiplier of x26 that adjusts for the title's age, price tier, genre, and review profile.

After Steam's tiered platform fee of effectively 20.4%, Arrowhead Game Studios keeps an estimated $614,859,126 from HELLDIVERS™ 2's gross revenue of $772,323,907.

Here's the breakdown:

• Gross Revenue: $772,323,907
• Steam's Fee (20.4%): -$157,464,781
• Developer Revenue: $614,859,126

Note: This doesn't account for publisher shares, taxes, or development costs.

Steam uses a tiered revenue sharing model that reduces the platform's cut as a game earns more:

• First $10 million: 30% to Steam, 70% to developer
• $10M to $50M: 25% to Steam, 75% to developer
• Above $50M: 20% to Steam, 80% to developer

For HELLDIVERS™ 2, with an estimated gross revenue of $772,323,907, this results in an effective rate of 20.4%. Steam keeps approximately $157,464,781 and Arrowhead Game Studios receives $614,859,126.

These estimates use the Boxleiter method, a widely-used industry approach that estimates game sales from the number of Steam reviews.

Factors that affect accuracy:

• Review-to-purchase ratio varies by genre
• Discount history - games with frequent deep sales may have higher ratios
• Regional pricing - different prices in different markets are not captured
• Refunds - Steam's return policy means some counted sales were refunded
• Bundled sales - keys sold through third-party bundles may not generate reviews

We provide a confidence range ($594,095,313 to $1,782,285,939) to reflect this uncertainty. For the best estimate we combine the Boxleiter range with a calibrated midpoint (x26) and a calibrated ASP of $29.

If HELLDIVERS™ 2 generated the same gross revenue on the Epic Games Store, Arrowhead Game Studios would keep approximately $679,765,038 - that's $64,905,913 more than on Steam.

At this revenue level, Epic's concrete platform fee would be $92,558,869. Epic charges 0% on the first $1 million in annual per-app revenue and then 12% on the remaining amount. On GOG (30% cut), the developer would earn approximately $540,626,735.

Note: This is a hypothetical comparison. Actual sales volumes differ significantly between platforms, and Steam's larger user base typically drives substantially higher sales.

According to SteamSpy data, players spend an average of 92.8 hours in HELLDIVERS™ 2, with a median playtime of 42.7 hours. The large gap between average and median suggests a dedicated core community playing well beyond the typical player.