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Devolver Digital Reports Revenue Growth in 2025
Video game publisher sees strong second half performance and expects continued momentum in 2026.
Feb. 9, 2026 at 7:55am
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Devolver Digital, the Austin-based video game publisher, reported revenue growth in 2025 compared to the previous year, driven by strong performance in the second half of the year. The company met its guidance of over $100 million in full-year revenue and expects to reach double-digit millions in adjusted EBITDA. Devolver Digital cited disciplined cost control and successful new game launches as key factors behind its improved financial results.
Why it matters
Devolver Digital's return to growth in 2025 is a positive sign for the company after a challenging 2023. The video game industry faced headwinds in recent years, but Devolver's focus on cost control and strategic game launches appears to have paid off. The company's strong start to 2026 also suggests it may be well-positioned for continued success.
The details
Devolver Digital reported that revenue in the second half of 2025 was "strong" and in line with expectations, helped by the timing of platform deals and the Steam publisher sale in September. The company met its guidance of more than $100 million in full-year revenue, and its underlying adjusted EBITDA pre-impairments is expected to reach "double-digit millions", slightly higher than consensus expectations. Devolver also noted that it has continued its "disciplined approach to cost control", with 2025 operating expenses falling slightly compared to 2024. The company ended the year with a "robust" balance sheet, reporting $36.4 million in net cash.
- Devolver Digital reported its 2025 results on February 9, 2026.
- The company said 2026 has "started strongly" with the release of Quarantine Zone: The Last Check.
- Devolver Digital held a Steam publisher sale in September 2025.
The players
Devolver Digital
An Austin, Texas-based video game publisher known for publishing indie and unconventional games.
Harry Miller
The Chief Executive Officer of Devolver Digital.
What they’re saying
“We are pleased to have delivered revenues that grew year-over-year, in a gaming market that was flat overall, and met our guidance in 2025, driven by a string of successful new launches by Devolver and its subsidiary companies.”
— Harry Miller, Chief Executive Officer (marketscreener.com)
What’s next
Devolver Digital expects its strong start to 2026 to continue, with the successful launch of Quarantine Zone: The Last Check.
The takeaway
Devolver Digital's return to growth in 2025, driven by disciplined cost control and strategic game launches, suggests the company has weathered the industry's recent challenges and is well-positioned for continued success. The strong start to 2026 further reinforces the company's positive momentum.
