Align Technology develops and sells doctor-prescribed Invisalign clear aligners, Vivera retainers, iTero intraoral scanners and services, and exocad dental CAD/CAM software. Its digital platform connects dental scanning, treatment planning, appliance manufacturing and ongoing care.
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A snapshot of what ALIGN TECHNOLOGY INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001097149-24-000011 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001097149-25-000012 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001097149-26-000014 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Align is shipping more clear-aligner cases, but that growth has not consistently translated into stronger profits. In 2025, discounts and lower-priced product mix largely offset higher treatment volumes, while manufacturing changes and asset charges reduced margins. First-half 2026 brought faster aligner growth and stronger operating cash flow, but scanner revenue weakened and legal contingencies weighed on GAAP earnings. Cash remained above $1 billion, alongside an undrawn revolver; increasing private investments and planned repurchases compete for that capital. The latest supplied disclosures also establish a UK VAT reversal, a European competition investigation and an operating-model review following discussions with Elliott. Margin recovery, scanner subscription economics and strategic-review benefits remain conditional. This view covers the supplied financial reports through June 2026 and corporate announcements through August 31, 2026, not subsequently verified results.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-27
Clear Aligner supplied approximately 80% of 2025 revenue; scanners, services and CAD/CAM software supplied the rest. Doctors prescribe and approve treatment, while Align supplies the digital workflow and appliances. Retainers, scanner services, leasing and software extend the relationship beyond an initial treatment or equipment sale. More than 95% of Invisalign prescriptions were submitted digitally. Revenue is not simply shipments multiplied by a fixed price: treatment packages contain future obligations, and product mix changes how much consideration is recognized upfront. Management's estimated 600 million potential consumers describes opportunity, not contracted demand.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The 2025 annual report, filed February 27, 2026, shows revenue of $4.035 billion, up 0.9%, but operating income fell to $545.8 million and operating margin to 13.5% from 15.2%. Clear-aligner shipments increased 4.7%, while segment revenue increased only 0.5%: management attributed approximately $138 million of revenue benefit to volume, largely offset by $127 million from discounts and lower-priced mix. Scanner-segment growth concealed weaker full-system sales. Lower selling prices, restructuring, accelerated depreciation, property impairment and an inventory write-down all pressured gross margin, partly offset by efficiencies. Net income declined to $410.4 million, although diluted EPS rose to $5.65 because the weighted-average share denominator shrank.
Sources: 10-K · 2025-12-31
The June 2026 quarterly report, filed August 5, records first-half revenue of $2.096 billion, up 5.3%. Q2 Clear Aligner revenue rose 8.2%, but Systems and Services revenue fell 10.8% despite higher system volume. Lower-priced configurations and leasing reduce upfront revenue; management expects broader installations to support recurring revenue and future treatments, but has not demonstrated the lifetime returns. Q2 gross margin improved to 71.7%, helped by tariff refunds, depreciation roll-off and higher aligner ASPs. Nevertheless, operating margin fell to 14.6% as legal contingencies and other expenses increased. First-half net income rose modestly to $221.1 million despite lower pretax income, supported by a lower tax rate.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
Operating cash flow declined from $785.8 million in 2023 to $738.2 million in 2024 and $593.2 million in 2025. First-half 2026 cash flow recovered to $343.8 million from $181.3 million, helped by a positive accrued-and-other-long-term-liability adjustment and smaller receivables outflows, not equivalent profit growth. The liability adjustment was positive $60.570 million versus negative $35.503 million; receivables outflows were $72.020 million versus $121.406 million. Material unpaid accruals at June 2026 included $31.8 million for legal settlements, substantially related to Snow Section 2 and state-law claims, and approximately $37.5 million for UK VAT including estimated interest. These accruals are not cash receipts, and the filing does not disclose their exact contribution to the liability cash-flow adjustment or establish that the improvement arose solely from payment timing. Investing used $213.7 million, including equity and convertible-note investments, capital spending and an acquisition, partly offset by a $42 million property sale. June cash and equivalents were $1.103 billion. The separate $300 million revolver was undrawn, includes a $50 million letter-of-credit sublimit and matures December 23, 2027. Align characterized the March 2026 amendment as modifications to non-financial and immaterial terms; exact clauses and independently verified effects remain unknown. Reported material compliance does not establish quantified covenant headroom or unconditional access.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
First-half 2026 repurchase cash spending was $98.1 million. The $200 million program initiated May 1 was partly executed at June 30; $733.3 million remained under the broader April 2025 authorization. On July 29, Align increased intended total 2026 repurchases to $400–$500 million, including the unfinished program rather than adding a separate obligation. Following discussions with Elliott, it also announced a launched strategic and operating-model review and a commitment to appoint three independent directors. No quantified realized savings were established. An August 27 appointment added Quentin Blackford, but the supplied disclosures do not establish completion of all three planned appointments.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-27
A July 7, 2026 UK tribunal reversal led to a $37.5 million VAT liability including interest; further appeal was intended, not won. A European Commission investigation opened June 29 into potential abuse of dominance, without a finding of infringement. Other antitrust and patent matters remain mixed or unresolved. Demand depends on patient affordability and doctors' treatment choices; larger dental groups can negotiate discounts. Sole-source materials, international manufacturing, tariffs, patient-data security and regulatory approvals add execution risk. As of July 29, management retained 3%–4% 2026 revenue-growth guidance but lowered the GAAP operating-margin outlook to 15.1%–15.6%. Those forecasts are not realized results.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
USD 4.034964 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.034964 bn | 0.9% |
| 2024 | USD 3.999012 bn | 3.5% |
| 2023 | USD 3.86226 bn | — |
Consolidated net revenue.
Sources: 10-K · 2025-12-31
USD 410.351 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 410.351 m | -2.6% |
| 2024 | USD 421.362 m | -5.3% |
| 2023 | USD 445.053 m | — |
Consolidated net income after income taxes.
Sources: 10-K · 2025-12-31
USD 785.776 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 785.776 m | — |
Consolidated operating cash flow.
Sources: 10-K · 2025-12-31
USD 593.223 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 593.223 m | -19.6% |
| 2024 | USD 738.231 m | — |
Operating cash flow, including proceeds from nonrecourse receivable factoring.
Sources: 10-K · 2025-12-31
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