While half the esports world is currently checking under the couch cushions for spare change, Team Liquid seems to have found a different map. CEO Steve Arhancet recently sat down for a roundtable discussion and dropped a figure that made everyone’s head turn. The organization cleared over $60 million in revenue in 2025.
Even more surprising is the fact that they have been profitable for three consecutive years. In an industry where “profit” is often treated like a mythological creature, Liquid is apparently running a successful ecosystem.
More Than Just Headshots
The secret sauce here isn’t just winning trophies. Arhancet pointed out that Liquid is more of a mini-conglomerate than just a pro team. They employ over 300 people across various wings, including Liquid Media and Liquipedia.
The latter is particularly important. While most teams rely entirely on “Team Participation Agreements” (the stipends publishers pay them to show up), Liquid has built businesses that provide value outside that bubble. They aren’t just playing the games; they are running the encyclopedia and the production house for them, too.
The Industry at Large
It hasn’t been a total fairy tale, though. Even with $60 million flowing in, Liquid still felt the industry-wide pressure. They cut about 6% of their staff in September 2025 and followed that up with another round of layoffs this past March.
It suggests that even at the top of the mountain, the air is getting thin. Sustainability in esports currently requires a level of aggression that leaves little room for inefficiency.
Liquid just squeaked into IEM Cologne, which means Major stickers are back on the menu. Between those digital sales and their consistent EWC stipends, the organization is looking at another green year. While other big names like Envy or TSM are scrambling to find their footing or looking for new rosters to stay relevant, Liquid’s diversify-or-die strategy seems to be paying off.
Turns out, the best way to survive the “esports winter” is to own the company that makes the parkas. Liquipedia might just be the most important roster move they ever made.