Tencent is the richest gaming company in the world in 2026, with about $34 billion in games revenue in 2025, ahead of Sony at roughly $31 billion and Microsoft Gaming at $21.8 billion. We rank the ten biggest game businesses by the revenue of their games operations in the latest fiscal year, because private and listed companies rarely disclose a clean market value for game studios. The 2016 version of this list is gone: Activision Blizzard now sits inside Microsoft, and Capcom, Konami, Square Enix and Ubisoft have dropped out of the top ten.
| Rank | Company | Games revenue (latest fiscal year, approx.) |
|---|---|---|
| 1 | Tencent Games | $34 billion (RMB 241.6 billion, 2025) |
| 2 | Sony Interactive Entertainment | $31 billion (FY3/2026) |
| 3 | Microsoft Gaming (Xbox) | $21.8 billion (fiscal year to June 2026) |
| 4 | Nintendo | $14.6 billion (FY3/2026) |
| 5 | NetEase Games | $13.2 billion (RMB 92.1 billion, 2025) |
| 6 | Electronic Arts | $8.0 billion net bookings (fiscal 2026) |
| 7 | Take-Two Interactive | $6.7 billion net bookings (fiscal 2026) |
| 8 | Roblox | $4.9 billion (2025) |
| 9 | Bandai Namco (digital segment) | $3.1 billion (FY3/2026) |
| 10 | Krafton | $2.3 billion (2025) |
1. Tencent Games: $34 billion
Tencent reported RMB 241.6 billion in games revenue for 2025, up 22%. Domestic games brought in RMB 164.2 billion and international games RMB 77.4 billion, the first year the overseas arm passed $10 billion.
Honor of Kings, Delta Force, PUBG Mobile, VALORANT and the Supercell catalog drive the total. Tencent also holds a 26.32% stake in Ubisoft’s Vantage Studios, the unit behind Assassin’s Creed, Far Cry and Rainbow Six, after a EUR 1.16 billion investment completed in November 2025.
How we valued it: annual segment revenue for domestic and international games, converted at the average 2025 exchange rate.
2. Sony Interactive Entertainment: $31 billion
PlayStation is the profit engine of Sony Group. Its Game and Network Services segment reported sales of 4.686 trillion yen for the year to March 2026 (Sony calls it FY2025), about $31 billion at the average rate of roughly 151 yen to the dollar.
The PS5 console, PlayStation Network subscriptions and first-party studios such as Bungie and Naughty Dog make up the business. Sony renamed the old Sony Computer Entertainment unit long ago, so the 2016 entry is now simply Sony Interactive Entertainment.
How we valued it: segment sales for the fiscal year ended March 2026, converted at the average yen rate.
3. Microsoft Gaming (Xbox): $21.8 billion
Xbox revenue fell 7% to about $21.8 billion in the fiscal year ended June 30, 2026. Hardware dropped 29%, while content and services slipped 5%, cushioned by Game Pass.
Microsoft closed its acquisition of Activision Blizzard in October 2023 for $68.7 billion, so Call of Duty, World of Warcraft, Diablo and Candy Crush maker King now report here. It was number one on our 2016 list and is now third.
How we valued it: the reported Xbox revenue line in Microsoft’s annual results for fiscal 2026.
4. Nintendo: $14.6 billion
Nintendo posted net sales of 2.313 trillion yen in FY3/2026, up 98.6% on the year before, as the Switch 2 sold 19.86 million units. Operating profit reached 360.1 billion yen.
Mario, Zelda and Pokemon remain the core. Our 2016 entry praised the then-new Switch; the Switch 2 has now roughly doubled the company’s yearly sales.
How we valued it: consolidated net sales, FY3/2026, shown at the average exchange rate for the period.
5. NetEase Games: $13.2 billion
NetEase’s games and related services revenue grew 10.2% to RMB 92.1 billion in 2025. In-house games earned RMB 78.9 billion, and licensed games RMB 10.8 billion, helped by Blizzard titles returning to mainland China.
Identity V, Where Winds Meet and Marvel Rivals were the main contributors.
How we valued it: the games and value-added services segment from the 2025 annual filing, converted at the year-end rate used in the filing.
6. Electronic Arts: $8.0 billion
EA booked a record $8.026 billion in net bookings in fiscal 2026, up 9%, led by Battlefield 6 and a strong year for Apex Legends. Net bookings, rather than recognized revenue, is the figure EA itself uses to describe sales.
The company has since been taken private by a group of PIF, Silver Lake and Affinity Partners at $210 per share, in a deal announced in September 2025 and closed in August 2026.
How we valued it: full-year net bookings from the fiscal 2026 results.
7. Take-Two Interactive: $6.7 billion
Take-Two reported net bookings of $6.72 billion in FY3/2026 and guided to $8.0 to $8.2 billion for fiscal 2027.
Grand Theft Auto, NBA 2K, Red Dead Redemption and the mobile studio Zynga are the pillars. The next Grand Theft Auto is the single biggest swing factor for the company’s next report.
How we valued it: full-year net bookings as reported for fiscal 2026.
8. Roblox: $4.9 billion
Roblox generated about $4.9 billion in revenue in 2025, up 36%, with bookings of roughly $6.8 billion, up 55%. It still posted a net loss of roughly $1.07 billion.
It is a platform rather than a classic publisher: creators build the games and Roblox takes a share of what players spend.
How we valued it: revenue from the 2025 annual report; bookings shown for context only.
9. Bandai Namco (digital segment): $3.1 billion
Bandai Namco’s digital business, which covers console, mobile and network games, brought in 476.5 billion yen in FY3/2026. The whole group sold 1.348 trillion yen, but about half of that is toys and hobby products, so we count only the digital arm.
Tekken, Tales, Dragon Ball and Elden Ring Nightreign are its best-known releases.
How we valued it: segment sales in FY3/2026 at the average yen rate.
10. Krafton: $2.3 billion
The PUBG publisher recorded KRW 3.3266 trillion in 2025 revenue, up 22.8% and its first year above KRW 3 trillion. Mobile contributed KRW 1.74 trillion and PC KRW 1.18 trillion, with operating profit above KRW 1 trillion.
It takes the last place ahead of Capcom, Konami and Square Enix, whose games revenue we estimate sits at or below this level.
How we valued it: annual revenue in won, converted at the average 2025 rate.
Special mentions: big game businesses we could not rank
Valve, Epic Games and miHoYo are private and publish no audited revenue, so we left them unranked even though outside estimates place each in the multi-billion range. Sega Sammy, Capcom, Konami and Square Enix are large listed groups, but by our estimate their game-only revenue sits below or beside our cutoff.
Keep reading
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- the most expensive Nintendo game in the world: collector prices for the number four company on this list
FAQ
Which is the richest gaming company in the world in 2026?
Tencent, with about $34 billion (RMB 241.6 billion) in games revenue in 2025. Sony Interactive Entertainment is second at roughly $31 billion.
How much does Tencent make from games?
Tencent reported RMB 241.6 billion in games revenue for 2025, up 22%, split between RMB 164.2 billion domestic and RMB 77.4 billion international.
What happened to Activision Blizzard on this list?
Microsoft completed its $68.7 billion acquisition in October 2023, so Activision Blizzard and King no longer report separately and now sit inside Microsoft Gaming.
Is Nintendo earning more than before?
Yes. Nintendo’s net sales rose 98.6% to 2.313 trillion yen in FY3/2026, driven by 19.86 million Switch 2 consoles sold.
What changed at Electronic Arts?
EA posted record net bookings of $8.026 billion in fiscal 2026 and was then acquired by PIF, Silver Lake and Affinity Partners for $210 per share, closing in August 2026.
How do you rank the richest gaming companies?
We rank by the latest annual revenue of each company’s games business, using the segment line when a group has other divisions, and we convert foreign currencies at period-average rates.
How we estimate net worth
Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.
For this list the inputs are annual segment revenue, net bookings and company filings for the latest completed fiscal year. We separate the games business from toys, music and other divisions, and convert yen, yuan and won at period-average exchange rates.
Last updated: October 2026.
