Align Technology (ALGN) financial statements
Align Technology reported revenue of $4.0B in fiscal 2025, up 15.8% a year over 9 years.
Net income was $410M and the operating margin 13.5%, against 23.1% in 2016.
Free cash flow was $491M, and the company returned $466M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Align Technology's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.5B | $2.0B | $2.4B | $2.5B | $4.0B | $3.7B | $3.9B | $4.0B | $4.0B |
| Cost of revenue | $265M | $356M | $519M | $663M | $709M | $1.0B | $1.1B | $1.2B | $1.2B | $1.3B |
| Gross profit | $815M | $1.1B | $1.4B | $1.7B | $1.8B | $2.9B | $2.6B | $2.7B | $2.8B | $2.7B |
| Research and development | $76M | $98M | $129M | $157M | $175M | $250M | $305M | $347M | $364M | $370M |
| Selling, general and admin | — | — | $852M | $1.1B | $1.2B | $1.7B | $1.7B | $1.7B | $1.8B | $1.8B |
| Operating income | $249M | $354M | $467M | $542M | $387M | $976M | $643M | $643M | $608M | $546M |
| Pre-tax income | $243M | $365M | $467M | $563M | $379M | $1.0B | $599M | $641M | $609M | $585M |
| Income tax | $51M | $130M | $58M | $112M | -$1.4B | $240M | $237M | $196M | $188M | $175M |
| Net income | $190M | $231M | $400M | $443M | $1.8B | $772M | $362M | $445M | $421M | $410M |
| EPS (diluted) | $2.33 | $2.83 | $4.92 | $5.53 | $22.41 | $9.69 | $4.61 | $5.81 | $5.62 | $5.65 |
| Diluted shares | 81M | 82M | 81M | 80M | 79M | 80M | 78M | 77M | 75M | 73M |
| Gross margin | 75.5% | 75.8% | 73.6% | 72.5% | 71.3% | 74.3% | 70.5% | 70.1% | 70.0% | 67.2% |
| Operating margin | 23.1% | 24.0% | 23.7% | 22.5% | 15.7% | 24.7% | 17.2% | 16.7% | 15.2% | 13.5% |
| Net margin | 17.6% | 15.7% | 20.4% | 18.4% | 71.8% | 19.5% | 9.7% | 11.5% | 10.5% | 10.2% |
Balance sheet
Fiscal years, from Align Technology's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $640M | $722M | $735M | $869M | $961M | $1.2B | $1000M | $973M | $1.0B | $1.1B |
| Receivables | $247M | $324M | $439M | $550M | $658M | $897M | $860M | $903M | $996M | $1.1B |
| Inventory | $27M | $32M | $56M | $112M | $139M | $230M | $339M | $297M | $254M | $226M |
| Total current assets | $953M | $1.2B | $1.3B | $1.6B | $1.8B | $2.5B | $2.4B | $2.4B | $2.5B | $2.6B |
| Property, plant and equipment | $175M | $349M | $521M | $632M | $735M | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B |
| Goodwill | $82M | $65M | $64M | $64M | $445M | $419M | $408M | $420M | $443M | $492M |
| Total assets | $1.4B | $1.8B | $2.1B | $2.5B | $4.8B | $5.9B | $5.9B | $6.1B | $6.2B | $6.2B |
| Total current liabilities | $354M | $500M | $692M | $971M | $1.3B | $1.9B | $1.9B | $2.1B | $2.0B | $1.9B |
| Total liabilities | $401M | $630M | $800M | $1.2B | $1.6B | $2.3B | $2.3B | $2.5B | $2.4B | $2.2B |
| Shareholders' equity | $999M | $1.2B | $1.3B | $1.3B | $3.2B | $3.6B | $3.6B | $3.6B | $3.9B | $4.0B |
| Net debt | -$389M | -$450M | -$637M | -$550M | -$961M | -$1.1B | -$942M | -$937M | -$1.0B | -$1.1B |
Cash flow
Fiscal years, from Align Technology's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $248M | $439M | $555M | $747M | $662M | $1.2B | $569M | $786M | $738M | $593M |
| Capital spending | $71M | $196M | $223M | $150M | $155M | $401M | $292M | $178M | $116M | $102M |
| Free cash flow | $177M | $243M | $331M | $598M | $507M | $771M | $277M | $608M | $623M | $491M |
| Stock-based compensation | $54M | $59M | $71M | $88M | $98M | $114M | $133M | $154M | $174M | $186M |
| Share buybacks (net) | -$96M | -$104M | -$300M | -$400M | $0 | -$375M | -$435M | -$592M | -$353M | -$466M |
| Free cash flow margin | 16.4% | 16.5% | 16.9% | 24.8% | 20.5% | 19.5% | 7.4% | 15.7% | 15.6% | 12.2% |
Questions
What was Align Technology's revenue in 2025?
$4.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Align Technology generate?
$491M in fiscal 2025 (operating cash flow minus capital spending).
From Align Technology's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.