10-K – 2026-02-27 – algn-20251231.htm

Certificates of deposit 15,917   —   —   15,917   15,917  
Total $ 1,094,908   $ —   $ —   $ 1,094,908   $ 1,094,908  

Reported as:
December 31, 2024 Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair Value Cash and cash equivalents
Cash $ 752,423   $ —   $ —   $ 752,423   $ 752,423  
Money market funds 291,464   —   —   291,464   291,464  

Total $ 1,043,887   $ —   $ —   $ 1,043,887   $ 1,043,887  

We had no short-term or long-term marketable securities as of December 31, 2025 or 2024.

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Fair Value Measurements

The following tables summarize our financial assets measured at fair value as of December 31, 2025 and 2024 (in thousands):

Description Balance as of December 31, 2025
Level 1
Cash equivalents:
Money market funds $ 308,940   $ 308,940  
Certificate of deposits 15,917   15,917  

$ 324,857   $ 324,857  

Description Balance as of December 31, 2024
Level 1
Cash equivalents:
Money market funds $ 291,464   $ 291,464  

$ 291,464   $ 291,464  

We had no financial assets that were categorized as level 2 or level 3 in the fair value hierarchy for the years ended December 31, 2025 or 2024.

Derivatives Not Designated as Hedging Instruments

Recurring foreign currency forward contracts

We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on certain assets and liabilities. These forward contracts are classified within Level 2 of the fair value hierarchy. As a result of the settlement of foreign currency forward contracts, we recognized a net loss of $ 34.2 million during the year ended December 31, 2025, a net gain of $ 35.2 million during the year ended December 31, 2024 and a net loss of $ 15.9 million during the year ended December 31, 2023. Recognized gains and losses from the settlement of foreign currency forward contracts are recorded in Other income (expense), net in our Consolidated Statements of Operations. As of December 31, 2025 and 2024, the fair value of foreign exchange forward contracts outstanding was not material.

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The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of December 31, 2025 and 2024 (in thousands):

December 31, 2025
Local Currency Amount Notional Contract Amount (USD)
Euro € 183,700 $ 215,895  
Canadian Dollar C$ 90,000 65,802  
British Pound £ 38,500 51,782  
Polish Zloty PLN 174,800 48,605  
Israeli Shekel ILS 80,500 25,283  
Japanese Yen ¥ 3,200,000 20,447  
Brazilian Real R$ 63,500 11,440  
Chinese Yuan ¥ 52,000 7,461  
Swiss Franc CHF 4,200 5,316  
New Taiwan Dollar NT$ 121,500 3,851  
New Zealand Dollar NZ$ 6,020 3,474  
Korean Won ₩ 4,600,000 3,207  
Australian Dollar A$ 3,500 2,337  
Czech Koruna Kč 26,000 1,262  

Total notional contract amount $ 466,162  

December 31, 2024
Local Currency Amount Notional Contract Amount (USD)
Euro € 176,080 $ 183,172  
Polish Zloty PLN 283,000 68,633  
Canadian Dollar C$ 97,000 67,446  
British Pound £ 37,600 47,090  
Israeli Shekel ILS 90,055 24,740  
Chinese Yuan ¥ 164,500 22,417  
Brazilian Real R$ 83,100 13,327  
Japanese Yen ¥ 2,000,000 12,778  

Swiss Franc CHF 5,700 6,314  
New Zealand Dollar NZ$ 7,000 3,924  
Czech Koruna Kč 72,800 3,004  
Australian Dollar A$ 3,800 2,355  
New Taiwan Dollar NT$ 58,700 1,786  
Korean Won ₩ 2,000,000 1,361  
Total notional contract amount $ 458,347  

Note 3. Balance Sheet Components

Inventories consist of the following (in thousands): 

December 31,
2025 2024
Raw materials $ 107,296   $ 124,377  
Work in process
65,679   73,660  
Finished goods 53,368   56,250  
Total inventories $ 226,343   $ 254,287  

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During the year ended December 31, 2025, we recognized an impairment loss on inventory of $ 14.9 million to adjust our inventory balance to its net realizable value. This loss was recorded in Cost of net revenues in our Consolidated Statements of Operations.

Prepaid expenses and other current assets consist of the following (in thousands): 

December 31,
2025 2024
Value added tax receivables 1
$ 55,819   $ 34,028  
Prepaid expenses 62,478   82,978  
Other current assets 47,274   81,576  
Total prepaid expenses and other current assets $ 165,571   $ 198,582  

1     Refer to Note 9 “Commitments and Contingencies” of the Notes to Consolidated Financial Statements for discussion of tax matter.

Property, plant and equipment, net consist of the following (in thousands):

December 31,
Generally Used Estimated Useful Life 2025 2024
Clinical and manufacturing equipment Up to 13 years
$ 848,473   $ 871,827  
Building 20 years
524,608   529,716  
Leasehold improvements Lease term 1
67,402   62,172  
Computer software and hardware 3 years 120,608   135,756  
Land — 57,868   63,875  
Furniture, fixtures and other 2 - 5 years
151,874   135,816  
Construction in progress — 127,944   133,684  
Total 1,898,777   1,932,846  
Less: Accumulated depreciation and impairment charges ( 767,324 ) ( 661,712 )
Total property, plant and equipment, net $ 1,131,453   $ 1,271,134  

1      Shorter of the remaining lease term or the estimated useful lives of the assets.

Depreciation was $ 218.6  million, $ 126.2 million and $ 126.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Depreciation expense in 2025 includes $ 76.9 million of accelerated depreciation, as discussed in Note 1 “Summary of Significant Accounting Policies."

Accrued liabilities consist of the following (in thousands):

  December 31,
  2025 2024
Accrued payroll and benefits $ 226,149   $ 248,003  
Accrued expenses 61,049   66,391  
Accrued income taxes 44,049   48,808  
Current operating lease liabilities 31,939   31,063  
Accrued sales and marketing expenses
29,941   37,617  
Accrued property, plant and equipment 10,469   13,462  

Other accrued liabilities 133,153   152,844  
Total accrued liabilities $ 536,749   $ 598,188  

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Accrued warranty, which is included in the “Other accrued liabilities” category of the Total accrued liabilities table above, consists of the following activity (in thousands):

Balance as of December 31, 2023
$ 22,426  
Charged to cost of net revenues 21,962  

Actual warranty expenditures ( 13,177 )
Balance as of December 31, 2024
31,211  
Charged to cost of net revenues 5,333  
Actual warranty expenditures ( 12,133 )
Balance as of December 31, 2025
$ 24,411  

Deferred revenues consist of the following (in thousands):

December 31,
2025 2024
Deferred revenues - current $ 1,261,816   $ 1,331,146  
Deferred revenues - long-term 1
85,543   102,164  

1      Included in Other long-term liabilities within our Consolidated Balance Sheets.

During the years ended December 31, 2025 and 2024, we recognized $ 4,035.0 million and $ 3,999.0 million of net revenues, respectively, of which $ 840.5 million and $ 819.0 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.

Note 4. Leases

Lessee Information

We have operating leases for our digital treatment planning and office facilities, retail spaces, vehicles and office equipment. The components of lease expense consist of following (in thousands):

Year Ended December 31,
Lease Cost 2025 2024 2023
Operating lease cost 1
$ 43,401   $ 42,299   $ 44,614  
Variable lease cost 2
4,054   3,630   16,013  
Total lease cost $ 47,455   $ 45,929   $ 60,627  

1      Includes expense associated with short term leases, lease terms of 12 months or less, which is not material.
2      Includes payments related to agreements with embedded leases that are not otherwise reflected on the balance sheet.

The following table provides a summary of our operating lease terms and discount rates:

December 31,
Remaining Lease Term and Discount Rate 2025 2024

Weighted average remaining lease term (in years) 5.1 5.4

Weighted average discount rate 4.1   % 3.8   %

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As of December 31, 2025, the future payments related to our operating lease liabilities are as follows (in thousands):

Fiscal Year Ending December 31, Operating Leases
2026 $ 35,694  
2027 29,595  
2028 23,986  
2029 15,564  
2030 7,212  
Thereafter 13,060  
Total lease payments 125,111  
Less: Imputed interest ( 10,665 )
Total lease liabilities $ 114,446  

As of December 31, 2025, we had additional leases that had not commenced with future lease payments of $ 58.4 million. These leases will commence during 2026 with non-cancelable lease terms of two to fourteen years .

Lessor Information

We lease iTero intraoral scanners to customers which are classified as operating leases. Our portfolio of leased iTero scanners included in Property, plant and equipment, net are as follows:

December 31,
2025 2024
Scanners under operating leases, gross $ 55,576   $ 33,770  
Less: accumulated depreciation ( 26,222 ) ( 12,038 )
Scanners under operating leases, net $ 29,354   $ 21,732  

As of December 31, 2025, the future lease payments due to us are as follows (in thousands):

Fiscal Year Ending December 31, Operating Leases
2026 $ 33,898  
2027 28,587  
2028 8,736  
2029 1,080  

Thereafter —  
Total lease payments $ 72,301  

For the years ended December 31, 2025, 2024 and 2023, operating lease income was $ 28.8  million, $ 21.7 million and $ 16.6 million, respectively. Operating lease income is recorded in Net revenues in our Consolidated Statements of Operations.

Note 5. Business Combination

On January 2, 2024 (the “Cubicure Acquisition Date”), we completed the acquisition of privately-held Cubicure GmbH (“Cubicure”) (the “Cubicure Acquisition”) . Cubicure is an Austrian company and specializes in direct 3D printing solutions for polymer additive manufacturing that develops, produces, and distributes innovative materials, equipment, and processes for 3D printing solutions. The Cubicure Acquisition is intended to support and scale our strategic innovation roadmap and strengthen the Align Digital Platform. In fiscal year 2021, we acquired a 9.04 % equity interest in Cubicure. Subsequently, on the Cubicure Acquisition Date, we acquired the remaining equity of Cubicure. Prior to the acquisition, we also had technology license and joint development agreements with Cubicure.

The fair value of consideration transferred in the acquisition is shown in the table below (in thousands):
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Cash paid to Cubicure stockholders
$ 80,142  
Fair value of pre-existing equity interest ownership 7,968  
Settlement of pre-existing relationship - accounts payable ( 2,316 )
Total purchase consideration paid $ 85,794  

The Cubicure Acquisition was accounted for as a business combination under ASC Topic 805, Business Combinations ( “ASC 805”) that was achieved in stages. As a result of the Cubicure Acquisition, we remeasured our pre-existing equity interest in Cubicure at fair value prior to the Cubicure Acquisition. Based on the fair value of this equity interest, derived from the purchase price, we estimated the fair value of our 9.04 % pre-existing investment in Cubicure to be approximately $ 8.0 million. The remeasurement resulted in the recognition of a pre-tax gain of $ 4.1 million, which was reflected as a component of Other income (expense), net within our Consolidated Statements of Operations.

In 2021, we initiated Joint development (“JDA”) and Technology license agreements (“TLA”) to provide us with access to Cubicure’s technology. The settlement of the JDA and TLA were concluded to be at market terms on the Cubicure Acquisition Date; therefore, no gain or loss was recorded related to the settlement of these contracts. We also had accounts payable from the pre-existing arrangements with Cubicure of $ 2.3 million, which were effectively settled and reduced from the purchase consideration of the Cubicure Acquisition.

The allocation of purchase price to assets acquired and liabilities assumed is as follows (in thousands):

Working capital $ 1,039  
Property & equipment 975  
Developed technology 47,000  
Other non-current asset 1,483  
Other liabilities ( 12,279 )
Goodwill 47,576  
Total $ 85,794  

Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and identifiable intangible assets, and represents the value associated with future technology, future customer relationships, and the knowledge and experience of the workforce in place. None of this goodwill is deductible for tax purposes. We allocated all goodwill to our Clear Aligner reporting unit.

As part of the Cubicure Acquisition we acquired a developed technology intangible asset. The acquired developed technology had an estimated fair value of $ 47.0  million as of the Cubicure Acquisition Date and will be amortized over a useful life of thirteen years .

The fair value of developed technology was estimated under the Multi-Period Excess Earnings Method and the fair value estimates for developed technology include significant assumptions in the prospective financial information which include, but are not limited to, the projected future cash flows associated with the technology, the asset's life cycle and a present value factor.

Acquisition related costs are recognized separately from the business combination and are expensed as incurred. Acquisition related costs were not material.

Our Consolidated Financial Statements include the operating results of Cubicure from the Cubicure Acquisition Date. Separate post-acquisition operating results and pro forma results of operations for this acquisition have not been presented as the effect is not material to our consolidated financial results.

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Note 6. Goodwill and Intangible Assets

Goodwill

The change in the carrying value of goodwill for the years ended December 31, 2025 and 2024, categorized by reportable segment, is as follows (in thousands):

Clear Aligner Systems and Services Total
Balance as of December 31, 2023
$ 111,086   $ 308,444   $ 419,530  
Additions from acquisition 47,576   —   47,576  
Foreign currency translation adjustments ( 6,017 ) ( 18,459 ) ( 24,476 )
Balance as of December 31, 2024
152,645   289,985   442,630  

Foreign currency translation adjustments 11,610   37,593   49,203  
Balance as of December 31, 2025
$ 164,255   $ 327,578   $ 491,833  

We completed our annual goodwill impairment assessment in 2025 and 2024 and determined there were no impairments.

Finite-Lived Intangible Assets

Acquired finite-lived intangible assets, excluding intangibles that were fully amortized, are as follows (in thousands):

Weighted Average Amortization Period (in years) Gross Carrying Amount as of
December 31, 2025
Accumulated
Amortization Accumulated Impairment Loss Net Carrying
Value as of
December 31, 2025

Existing technology 11 $ 146,651   $ ( 67,138 ) $ —   $ 79,513  
Customer relationships 10 21,500   ( 12,363 ) —   9,137  
Trademarks and tradenames 1
7 9,800   ( 8,050 ) —   1,750  
Patents 12 480   ( 320 ) —   160  
$ 178,431   $ ( 87,871 ) $ —   $ 90,560  
Foreign currency translation adjustments 3,373  
Total intangible assets, net $ 93,933  

1 The Weighted Average Amortization Period decreased from 10 years to 7 years due to an intangible asset with a useful life of 15 years becoming fully amortized in 2025.

Weighted Average Amortization Period (in years) Gross Carrying
Amount as of
December 31, 2024
Accumulated
Amortization Accumulated Impairment Loss Net Carrying
Value as of
December 31, 2024

Existing technology 11 $ 146,651   $ ( 52,238 ) $ —   $ 94,413  
Customer relationships 10 21,500   ( 10,079 ) —   11,421  
Trademarks and tradenames 10 16,600   ( 9,255 ) ( 4,122 ) 3,223  
Patents 12 480   ( 280 ) —   200  
$ 185,231   $ ( 71,852 ) $ ( 4,122 ) $ 109,257  
Foreign currency translation adjustments ( 5,769 )
Total intangible assets, net $ 103,488  

Of the $ 146.7 million recorded as Existing technology intangible assets as of December 31, 2025, $ 47.0  million was acquired during the first quarter of 2024 as part of the Cubicure Acquisition. The existing technology acquired in the Cubicure Acquisition had an estimated useful life of 13 years, which had the effect of increasing the weighted average amortization period from approximately 10 years as of December 31, 2023 to approximately 11 years as of December 31, 2024. Refer to Note 5 “Business Combination” .

For the years ended December 31, 2025 and 2024, we did not identify any impairment triggering events that would indicate that the carrying value of our finite-lived intangible assets was not recoverable.
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The total estimated future amortization expense for these acquired finite-lived intangible assets as of December 31, 2025 is as follows (in thousands):

Fiscal Year Amortization
2026 $ 17,922  
2027 15,607  
2028 14,505  
2029 14,505  
2030 6,328  
Thereafter 21,693  
Total
$ 90,560  

Amortization expense was $ 18.8 million, $ 18.9 million and $ 16.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Note 7. Credit Facility

We maintain a credit facility, as amended in December 2022, that includes a $ 300.0 million unsecured revolving line of credit and a $ 50.0 million letter of credit sub-limit. The facility matures on December 23, 2027 and loans under the facility accrue interest, at our election, based on either the Secured Overnight Financing Rate (“SOFR”) for the applicable period or a base rate, in each case plus an applicable margin.

The facility includes financial covenants and performance requirements. As of December 31, 2025, we had no outstanding borrowings under the facility and were in compliance with the terms and conditions of the facility in all material respects.

Note 8. Legal Proceedings
    
Antitrust Class Actions

On June 5, 2020, a dental practice, Simon and Simon, PC (doing business as City Smiles), brought an antitrust action in the U.S. District Court for the Northern District of California on behalf of itself and a putative class of similarly situated practices seeking treble monetary damages, interest, costs, attorneys’ fees, and injunctive relief relating to our alleged market activities in alleged clear aligner and intraoral scanner markets. Plaintiff filed an amended complaint and added VIP Dental Spas as a plaintiff on August 14, 2020. On December 18, 2023, the court certified a class of persons or entities that purchased Invisalign directly from us between January 1, 2019 and March 31, 2022. The court denied Plaintiffs’ motion to certify a class of purchasers of scanners. On February 21, 2024, the court granted our motion for summary judgment on all claims brought by the plaintiffs. Plaintiffs have appealed the district court’s summary judgment ruling to the United States Court of Appeals for the Ninth Circuit. Oral argument was held on April 10, 2025.

On May 3, 2021, an individual named Misty Snow brought an antitrust action in the U.S. District Court for the Northern District of California on behalf of herself and a putative class of similarly situated individuals seeking treble monetary damages, interest, costs, attorneys’ fees, and injunctive relief relating to our alleged market activities in alleged clear aligner and intraoral scanner markets based on Section 2 of the Sherman Act. Plaintiffs have since filed several amended complaints adding new plaintiffs and various state law claims. On November 29, 2023, the court certified a class of indirect purchasers of Invisalign between July 1, 2018 and December 31, 2023 and a class of indirect purchasers of Invisalign seeking injunctive relief. On February 21, 2024, the court granted our motion for summary judgment on the claims related to Section 2 allegations. The court entered judgment for the Section 2 and related state law claims on March 22, 2024. Plaintiffs have appealed the district court’s summary judgment ruling to the United States Court of Appeals for the Ninth Circuit. Oral argument was held on April 10, 2025.

We are currently unable to predict the outcome of these lawsuits and therefore we cannot determine the likelihood of loss, if any, nor estimate a range of possible loss.

During the course of the Misty Snow lawsuit, some additional plaintiffs joined and filed allegations based on Section 1 of the Sherman Act. In June 2024, we reached a settlement in principle with the Section 1 plaintiffs to resolve all remaining claims in the Section 1 lawsuit. In March 2025, Align and plaintiffs agreed to a revised settlement to resolve all Section 1 claims for a
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$ 31.75  million cash payment. On November 21, 2025, the court granted final approval of the settlement and dismissed the case with prejudice.

In 2025, Align issued a payment for the full settlement amount, $ 31.75 million, consisting of $ 27.5 million accrued as of December 31, 2024 and an additional loss accrual of $ 4.25 million in the first quarter of 2025, to an escrow agency in accordance with the court's approval.

Straumann Litigation

On April 11, 2024, we filed a lawsuit in the U.S. District Court for the Western District of Texas against ClearCorrect Operating, LLC, ClearCorrect Holdings, Inc. and Institut Straumann AG, (collectively the “Defendants”). The complaint asserted infringement of our patents related to aligner material, treatment planning, and intraoral scanner technologies. Among other things, the complaint seeks relief enjoining the Defendants’ infringement of multiple Align multilayer material patents through Defendants’ manufacture, sale and offer for sale of aligners made with Zendura FLX/ClearQuartz materials. On September 12, 2025, Defendants filed a motion to dismiss the amended complaint. That motion to dismiss remains pending. Defendants are also seeking to invalidate all of our asserted patents at the district court.

On July 9, 2024, Defendants filed counterclaims against us alleging antitrust violations and unfair competition. Among other things, the counterclaims seek injunctive relief and money damages. On August 29, 2025, Defendants filed amended counterclaims, which additionally allege that Align procured certain materials patents by fraud. On September 26, 2025, Align filed a motion to dismiss the amended counterclaims. That motion is still pending. A trial in the case is set for June 22, 2026.

On April 10, 12 and 14, 2025, Defendants filed eight inter partes review (“IPR”) petitions with the United States Patent Trial and Appeal Board (“PTAB”), alleging that eight of the patents asserted by Align against the Defendants are unpatentable. On October 23, 2025, the PTAB issued decisions denying institution of two of Defendants eight IPRs. On October 23, October 27, October 30, and November 6, 2025, the PTAB issued decisions instituting proceedings on the remaining six IPRs. We believe the petitions are without merit and intend to defend ourselves vigorously.

We believe Defendants’ counterclaims are without merit and intend to vigorously defend ourselves. We are currently unable to predict the outcome of this lawsuit and cannot determine the likelihood of loss, if any, nor estimate a range of possible loss.

Angelalign Litigation

On August 15, 2025, we initiated two actions in the European Unified Patent Court against Angelalign Technology, Inc.; Angelalign France Technology SASU; Europe Angelalign Technology B.V.; Angelalign Technology (Germany) GmbH; Italy Angelalign Technology S.R.L. and Shanghai EA Medical Instruments Co., Ltd. These actions allege infringement of patents related to user interfaces for treatment planning and to the “power ridge” feature of clear aligners. Subsequently, on November 27, 2025, we initiated a third action in the Unified Patent Court against the same entities for infringement of a patent related to treatments in complex cases. The accused entities have challenged the validity of the asserted patent in each of these actions. On January 13, 2026, Angelalign Technology (Germany) GMBH filed an action in the European Patent Office challenging the validity of the treatment-planning patent referenced above. These actions are currently pending.

On February 12, 2026, the Unified Patent Court issued a preliminary injunction in Align’s favor and against Angel, enjoining Angel from using its “Live Now” feature, a user interface for treatment planning. Angel must pay € 20,000 EUR per day or cease offering its infringing software feature.

On August 18, 2025, we initiated an action in the U.S. District Court for the Eastern District of Texas against Angelalign Technology Inc; Wuxi EA Medical Instruments Technologies Ltd.; Wuxi EA Bio-Tech Co., Ltd.; and Shanghai EA Medical Instruments Co., Ltd. This action alleges infringement of patents related to multilayer materials for clear aligners and “bite ramp” and “power ridge” features of clear aligners. On January 2, 2026, following institution of an investigation by the U.S. International Trade Commission, referenced below, this action was stayed pending further order of the court.

On August 18, 2025, we initiated two actions in China’s Zhengzhou Intermediate People’s Court against Shanghai Angelalign Medical Devices Co., Ltd.; Wuxi Angelalign Medical Device Technology Co., Ltd.; and Wuxi Angelalign Biotechnology Co., Ltd. These actions allege infringement of patents related to tooth attachments and treatment planning. Separately, on September 10, 2025, we filed an action against the same entities in the Jinan Intermediate People’s Court alleging infringement of a patent related to extraction site closure. And on January 12, 2026, we filed an action against these entities in the Fuzhou Intermediate People’s Court alleging infringement of a patent related to extraction site closure. These actions are currently pending.
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On January 16, 2026, Shanghai Angelalign Medical Devices Co., Ltd. filed a petition with the China National Intellectual Property Administration (“CNIPA”) challenging the validity of our patent related to extraction site closure, which patent is the subject of an infringement action referenced above. On January 22, 2026, Shanghai Angelalign Medical Devices Co., Ltd. filed a petition with the CNIPA challenging the validity of our patent related to tooth attachments, which patent likewise is the subject of an infringement action referenced above. And on January 19, 2026, we filed a petition with the CNIPA challenging the validity of a patent held by Wuxi Angelalign Medical Device Technology Co., Ltd. regarding undercut detection and filling. These invalidity actions are currently pending.

On September 23, 2025, we filed a complaint at the U.S. International Trade Commission (“ITC”) against Angelalign Technology Inc., Wuxi EA Medical Instruments Technologies Ltd.; Wuxi EA Bio-Tech Co., Ltd.; Shanghai EA Medical Instruments Co., Ltd.; and USA Angelalign Technology Corp. (collectively, “the ITC Respondents”). This complaint alleges unlawful importation and sale of clear aligners that infringe patents related to multilayer materials for clear aligners, in violation of 19 U.S.C.§ 1337. Further, the complaint requests that the ITC institute an investigation and issue an exclusion order blocking the ITC Respondents’ importation of infringing products into the United States, and a cease-and-desist order prohibiting the ITC Respondents from selling, marketing, or transferring infringing products within the United States. On December 19, 2025, the ITC instituted the requested investigation, which is currently pending.

On August 22, 2025, Shanghai Angelalign Medical Devices Co., Ltd. and Wuxi Angelalign Medical Devices Technology Co., Ltd. initiated an action against us in China’s the Beijing Intellectual Property Court. The complaint alleges that we infringe a patent relating to undercut detection for mold manufacturing. We believe that these allegations are without merit and intend to defend ourselves vigorously.

We are currently unable to predict the outcome of these lawsuits or any future litigation, and therefore we cannot determine the likelihood of loss, if any, nor estimate a range of possible loss.

In addition to the above, in the ordinary course of our operations, we are involved in a variety of claims, suits, investigations, and proceedings, including actions with respect to intellectual property claims, patent infringement claims, government investigations, labor and employment claims, breach of contract claims, tax, and other matters. Regardless of the outcome, these proceedings can have an adverse impact on us because of defense costs, diversion of management resources, and other factors. Although the results of complex legal proceedings are difficult to predict and our view of these matters may change in the future as litigation and events related thereto unfold; we currently do not believe that these matters, individually or in the aggregate, will materially affect our financial position, results of operations or cash flows.

Note 9. Commitments and Contingencies

Tax Matter

Beginning in the third quarter of 2023 and continuing through the first quarter of 2024, we received cumulative assessments of approximately $ 100  million from His Majesty’s Revenue and Customs (“HMRC”) for unpaid value added tax (“VAT”) related to certain clear aligner sales made during the period of October 2019 through May 2023. We were required to pay these assessments prior to contesting or litigating the matter in statutory appeal. We have historically asserted and continue to assert that doctor prescribed clear aligners sold by dentists for the orthodontic treatment of patient malocclusions are exempt from VAT, that we have reasonably relied upon statements and guidance by HMRC and that our interpretation of United Kingdom legislation is appropriate.

In October 2024, the Company and HMRC reached a settlement agreement regarding the unpaid VAT related to certain aligner sales made during the period of October 2019 through mid-October 2023. As part of the settlement, HMRC agreed to vacate the judicial review (before the Administrative Court) originally scheduled for October 9th and October 10th, 2024, refund to the Company all assessments paid for the period of October 2019 through May 2023 and withdraw any potential assessments for the period from June 2023 through mid-October 2023. HMRC has refunded to the Company the assessed amounts, approximately $ 100  million.

A statutory appeal (before the First-tier Tribunal - “Tax Tribunal”) was held on January 27th through January 30th, 2025. On April 24, 2025, the Tax Tribunal issued a ruling in our favor indicating that clear aligners are “dental prostheses for the purposes of VAT”, which is a key condition for the VAT exemption. On June 13, 2025, HMRC applied for permission to appeal the Tax Tribunal decision, which was granted on July 15, 2025. On August 1, 2025, HMRC lodged their grounds for appeal to the Upper Tribunal. A hearing in front of the Upper Tribunal has been scheduled for May 2026.

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In August 2025, we stopped charging VAT to our United Kingdom customers. It is not possible at this stage to accurately evaluate the likelihood of an unfavorable outcome from the Upper Tribunal statutory appeal, nor estimate a range of possible loss.

Indemnification Provisions

In the normal course of business to facilitate transactions in our services and products, we indemnify certain parties: customers, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, services to be provided by us and intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with our directors and our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. Several of these agreements limit the time within which an indemnification claim can be made and the amount of the claim.

It is not possible to make a reasonable estimate of the maximum potential amount of future payments, if any, under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Additionally, we have a limited history of prior indemnification claims and the payments we have made under such agreements have not had a material adverse effect on our results of operations, cash flows or financial position. However, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period. As of December 31, 2025, we did not have any material indemnification claims that were probable or reasonably possible.

Note 10. Stockholders’ Equity

Common Stock

The holders of common stock are entitled to receive dividends whenever funds are legally available and when and if declared by the Company’s Board of Directors. We have not historically declared or paid dividends on our common stock.

Stock-Based Compensation Plans

Our Align Technology, Inc. 2005 Incentive Plan, as amended (the “2005 Incentive Plan”), provides for the granting of incentive stock options, non-statutory stock options, restricted stock, stock appreciation rights, performance units and performance shares to employees, non-employee directors and consultants. Shares granted on or after May 16, 2013 as an award of restricted stock, restricted stock units, performance shares or performance units (“full value awards”) are counted against the authorized share reserve as one and nine-tenths (1   9/10 ) shares for every one (1) share subject to the award, and any shares canceled that were counted as one and nine-tenths shares against the plan reserve will be returned at the same ratio. 

As of December 31, 2025, the 2005 Incentive Plan has a total reserve of 34,668,895  shares of which 4,608,476 shares are available for issuance. We issue new shares from our pool of authorized but unissued shares to satisfy the exercise and vesting obligations of our stock-based compensation plans.

Summary of Stock-Based Compensation Expense

Stock-based compensation related to our stock-based awards and employee stock purchase plan for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

  Year Ended December 31,
  2025 2024 2023
Cost of net revenues $ 6,177   $ 6,995   $ 7,462  
Selling, general and administrative 132,362   123,979   115,992  
Research and development 47,331   42,729   30,572  
Total stock-based compensation $ 185,870   $ 173,703   $ 154,026  

The income tax benefit related to stock-based compensation was $ 20.0 million, $ 19.0 million and $ 17.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
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Restricted Stock Units (“RSUs”)

The fair value of RSUs is based on the closing price of our stock on the date of grant. Generally, RSUs vest over a period of four years .

The following table summarizes RSU activity for the year ended December 31, 2025:

Number of Shares
Underlying RSUs
(in thousands) Weighted Average Grant Date Fair Value Weighted Average
Remaining
Contractual Term
(in years) Aggregate
Intrinsic Value
(in thousands)

Unvested as of December 31, 2024
1,019   $ 331.10  
Granted 692   195.43  
Vested and released ( 313 ) 354.77  
Forfeited ( 148 ) 274.34  
Unvested as of December 31, 2025
1,250   $ 256.80   1.3 $ 195,141  

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (calculated by multiplying our closing stock price on the last trading day of fiscal year 2025 by the number of unvested RSUs) that would have been received by the unit holders had all RSUs vested and been released on the last trading day of fiscal year 2025. This amount will fluctuate based on the fair market value of our stock. During 2025, of the 312,735 shares vested and released, 90,466 shares were withheld for employee statutory tax obligations, resulting in a net issuance of 222,269 shares.

The total fair value of RSUs vested as of their respective vesting dates during 2025, 2024 and 2023 was $ 61.1 million, $ 78.8 million and $ 63.0 million, respectively. The weighted average grant date fair value of RSUs granted during 2025, 2024 and 2023 was $ 195.43 , $ 307.12 and $ 316.16 , respectively. As of December 31, 2025, we expect to recognize $ 191.9 million of total unamortized compensation costs, net of estimated forfeitures, related to RSUs over a weighted average period of 2.3 years.

Market-Performance Based Restricted Stock Units (“MSUs”)

We grant MSUs to members of senior management. Each MSU represents the right to one share of our common stock. The actual number of MSUs which will be eligible to vest will be based on the performance of our stock price relative to the performance of a stock market index over the vesting period. MSUs vest over a period of three years and the maximum number of shares eligible to vest is 250 % of the MSUs initially granted.

The following table summarizes MSU activity for the year ended December 31, 2025:

Number of Shares
Underlying MSUs
(in thousands) Weighted Average Grant Date Fair Value Weighted Average
Remaining
Contractual Term
(in years) Aggregate
Intrinsic Value
(in thousands)
Unvested as of December 31, 2024
193   $ 679.14  
Granted 127   362.98  
Vested and released ( 30 ) 878.35  
Forfeited ( 27 ) 638.92  
Unvested as of December 31, 2025
263   $ 507.88   1.3 $ 41,148  

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (calculated by multiplying our closing stock price on the last trading day of 2025 by the number of unvested MSUs) that would have been received by the unit holders had all MSUs been vested and released as of the last trading day of 2025. This amount will fluctuate based on the fair market value of our stock. During 2025, of the 29,995 shares that vested and released, 11,091 shares were withheld for employee statutory tax obligations, resulting in a net issuance of 18,904 shares.

The total fair value of MSUs vested as of their respective vesting dates during 2025, 2024 and 2023 was $ 5.7 million, $ 10.1 million and $ 7.8 million, respectively. As of December 31, 2025, we expect to recognize $ 44.9 million of total unamortized compensation costs, net of estimated forfeitures, related to MSUs over a weighted average period of 1.3 years.

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The fair value of MSUs is estimated at the grant date using a Monte Carlo simulation that includes factors for market conditions.  The weighted average assumptions used in the Monte Carlo simulation were as follows:  

  Year Ended December 31,
  2025 2024 2023
Expected term (in years) 3.0 3.0 3.0
Expected volatility 51.5   % 52.0   % 59.1   %
Risk-free interest rate 4.2   % 4.3   % 4.3   %
Expected dividends —   —   —  
Weighted average fair value per share at grant date $ 362.98   $ 617.79   $ 629.53  

Restricted Stock Units with Performance Conditions (“PSUs”)

Our PSUs typically include a service and performance condition. We recognize share-based compensation expense for PSUs if it is probable that the performance condition will be achieved.

The following table summarizes PSU activity for the year ended December 31, 2025:

Number of Shares
Underlying PSUs
(in thousands) Weighted Average Grant Date Fair Value Weighted Average
Remaining
Contractual Term
(in years) Aggregate
Intrinsic Value
(in thousands)
Unvested as of December 31, 2024
11   $ 204.33  
Granted —   —  
Vested and released ( 5 ) 201.63  
Forfeited —   —  
Unvested as of December 31, 2025
6   $ 206.36   1.0 $ 984  

During 2025, of the 4,728 shares vested and released, 1,923 shares were withheld for employee statutory tax obligations, resulting in a net issuance of 2,805 shares. As of December 31, 2025, we expect to recognize $ 0.5 million of total unamortized compensation costs, net of estimated forfeitures, related to PSUs over a weighted average period of 1.0 year.

Employee Stock Purchase Plan ( “ ESPP ” )

In May 2010, our stockholders approved the 2010 Employee Stock Purchase Plan (as amended and restated, the “2010 Purchase Plan”) which consists of consecutive overlapping twenty-four month offering periods with four six-month purchase periods in each offering period. Employees purchase shares at 85 % of the lower of the fair market value of the common stock at either the beginning of the offering period (grant date) or the end of the purchase period. The 2010 Purchase Plan will continue until terminated by either the Board of Directors or its administrator. The 2010 Purchase Plan also allows for purchase rights to employees outside the U.S. and Canada with six-month offering periods and purchase periods. In May 2021, the 2010 Purchase Plan was amended and restated to increase the maximum number of shares available for purchase to 4,400,000 shares.

The following table summarizes the ESPP shares issued:

Year Ended December 31,
2025 2024 2023
Number of shares issued (in thousands) 147   120   114  
Weighted average price $ 148.77   $ 213.11   $ 234.19  

As of December 31, 2025, 1,728,664 shares remain available for future issuance.

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The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:

  Year Ended December 31,
   
2025 2024 2023
Expected term (in years) 1.2 1.3 1.2
Expected volatility 56.2   % 49.2   % 56.4   %
Risk-free interest rate 4.0   % 4.6   % 4.9   %
Expected dividends —   —   —  
Weighted average fair value at grant date $ 64.94   $ 94.75   $ 132.94  

We recognized stock-based compensation related to our employee stock purchase plan of $ 15.1 million, $ 14.0  million and $ 20.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we expect to recognize $ 10.6 million of total unamortized compensation costs related to future employee stock purchases over a weighted average period of 0.6 years.

Note 11.  Common Stock Repurchase Programs

We enter into Accelerated Share Repurchase (“ASR”) agreements and Open Market Repurchase (“OMR”) programs providing for the repurchase of our common stock based on the volume-weighted average price during the term of the agreement, less an agreed upon discount. Under the terms of each ASR, the financial institution may be required to deliver additional shares of common stock at final settlement or, under certain circumstances, we may be required at our election, to either deliver shares or make a cash payment to the financial institution. The ASRs limit the number of shares we would be required to deliver.

In January 2023, our Board of Directors authorized a plan to repurchase up to $ 1.0 billion of our common stock (“January 2023 Repurchase Program”). The January 2023 Repurchase Program was completed in its entirety in the second quarter of 2025.

In April 2025, our Board of Directors authorized a plan to repurchase up to $ 1.0 billion of our common stock (the “April 2025 Repurchase Program”). The April 2025 Repurchase Program is expected to be completed over a period of up to three years . As of December 31, 2025, we have $ 831.2 million remaining available for repurchase under the April 2025 Repurchase Program.

The following tables summarize the total repurchases of our common stock pursuant to ASR agreements and OMR programs under the January 2023 and April 2025 Repurchase Programs for the years ended December 31, 2025 and 2024:

Accelerated Share Repurchases

Agreement
 Date Repurchase
 Program Amount Paid
(in millions) Completion
Date Total Shares
Received Average Price per Share

Q4 2023 January 2023 $ 250.0   Q1 2024 1,086,334   $ 230.13  

Open Market Repurchases

Agreement
 Date Repurchase
 Program Amount Paid
(in millions) Completion
Date Total Shares
Received Average Price per Share
Q4 2023 January 2023 $ 100.0   Q4 2023 465,518   $ 214.81  
Q2 2024 January 2023 $ 150.0   Q2 2024 598,302   $ 250.73  
Q4 2024 January 2023 $ 275.0   Q1 2025 1,241,509   $ 221.50  
Q1 2025 January 2023 $ 225.0   Q2 2025 1,339,124   $ 168.02  
Q3 2025 April 2025 $ 168.8   N/A 1
1,203,883   $ 140.22  

1      On August 5, 2025, we initiated a $ 200  million open market repurchase program, which was completed in January 2026. The amount paid, total shares received and average price per share per the table above are determined as of December 31, 2025.

As of December 31, 2025, we had $ 831.2 million available for repurchases under the April 2025 Repurchase Program. In January 2026, we repurchased $ 31.2  million of our common stock initiated in the Q3 2025 open market repurchase program.

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Note 12.  Employee Benefit Plans

We have a defined contribution retirement plan as defined in Section 401(k) of the Internal Revenue Code for our U.S. employees which covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. We match 50 % of our employee’s salary deferral contributions up to 6 % of the employee’s eligible compensation. We contributed approximately $ 9.7 million, $ 10.0 million and $ 9.5 million to the 401(k) plan during the years ended December 31, 2025, 2024 and 2023, respectively. We also have defined contribution retirement plans outside of the U.S. to which we contributed $ 59.9 million, $ 57.4 million and $ 55.1 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Note 13. Income Taxes

Net income before provision for income taxes consists of the following (in thousands):

  Year Ended December 31,
  2025 2024 2023
Domestic $ 280,926   $ 334,485   $ 315,643  
Foreign 304,361   274,474   325,561  
Net income before provision for income taxes
$ 585,287   $ 608,959   $ 641,204  

The provision for (benefit from) income taxes consists of the following (in thousands):

  Year Ended December 31,
  2025 2024 2023
Federal
Current $ 52,962   $ 95,027   $ 134,332  
Deferred 14,385   1,578   ( 16,805 )
67,347   96,605   117,527  
State
Current 13,977   13,702   28,535  
Deferred 13,766   3,384   ( 3,157 )
27,743   17,086   25,378  
Foreign
Current 74,689   56,653   51,306  
Deferred 5,157   17,253   1,940  
79,846   73,906   53,246  
Provision for (benefit from) income taxes $ 174,936   $ 187,597   $ 196,151  

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09:

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  Year Ended December 31, 2025
  Amount
Percent

US federal statutory income tax rate
$ 122,911   21.0   %
State income taxes, net of federal tax benefit *
25,901   4.4  
Foreign tax effects

Switzerland

Statutory tax rate difference between Switzerland and U.S.
( 11,536 ) ( 2.0 )
Canton tax
3,233   0.6  
Swiss tax rate change - Remeasurement of deferred tax assets
15,136   2.6  
Other
4,102   0.7  
Mexico

Impairment Loss
7,111   1.2  
Other
1,303   0.2  
Other Foreign Jurisdictions
14,135   2.4  
Effect of cross-border tax laws:

Subpart F
21,622   3.7  
Foreign-derived intangible income
( 13,611 ) ( 2.3 )
Other
825   0.2  
Tax Credits

Research and development tax credits
( 7,840 ) ( 1.3 )
Nontaxable or Nondeductible Items

Share-based payment awards
17,335   3.0  
Other
3,219   0.5  
Changes in Unrecognized Tax Benefits
( 29,673 ) ( 5.1 )
Other Adjustments
763   0.1  
Income Tax expense
$ 174,936   29.9   %

*State and local taxes in California, New York, Minnesota and New York City made up the majority (greater than 50%) of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09: 

  Year Ended December 31

  2024 2023
U.S. federal statutory income tax rate 21.0   % 21.0   %
State income taxes, net of federal tax benefit 2.2   2.9  
U.S. tax on foreign earnings 5.4   3.7  
Impact of differences in foreign tax rates ( 2.0 ) 1.4  
Stock-based compensation 3.4   3.0  

Settlement on audits —   0.1  

Change in valuation allowance 0.9   ( 1.3 )
Other items not individually material ( 0.1 ) ( 0.2 )
Effective tax rate 30.8   % 30.6   %

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As of December 31, 2025 and 2024, the significant components of our deferred tax assets and liabilities are (in thousands):

  December 31,
  2025 2024
Deferred tax assets:
Net operating loss and capital loss carryforwards $ 1,683   $ 2,741  
Reserves and accruals 61,496   67,221  
Stock-based compensation 30,975   29,255  
Deferred revenue 140,486   146,509  
Capitalized research & development 23,021   32,027  
Amortizable tax basis in intangibles 1,283,968   1,301,338  

Other 649   12,282  
Deferred tax assets before valuation allowance 1,542,278   1,591,373  
Valuation allowance ( 11,498 ) ( 19,390 )
Total deferred tax assets 1,530,780   1,571,983  

Deferred tax liabilities:
Depreciation and amortization $ 11,610   $ 16,485  
Acquisition-related intangibles 16,357   28,868  
Other 14,426   4,511  
Total deferred tax liabilities 42,393   49,864  
Net deferred tax assets $ 1,488,387   $ 1,522,119  

As of December 31, 2025, it was considered more likely than not that our deferred tax assets would be realized with the exception of certain interest expense carryovers, capital loss carryovers and unrealized translation losses as we are unable to forecast sufficient future profits to realize these deferred tax assets. The total valuation allowance as of December 31, 2025 was $ 11.5 million. During the year ended December 31, 2025, the valuation allowance decreased by $ 7.9 million primarily due to the change in deferred tax assets on certain interest expense and unrealized translation losses from our German subsidiaries. We may be required to adjust the valuation allowance for deferred tax assets if we determine, based on available evidence at the time of the determination, that it is more likely than not that some portion or all of the deferred tax assets will not be realized. This assessment includes deferred tax assets associated with our Switzerland tax deductible basis created from our 2020 intra-entity transfer of intellectual property, which have a finite utilization period and depend on our ability to generate sufficient taxable income in that jurisdiction. Any changes to the valuation allowance, particularly those related to our Switzerland deferred tax assets, could have a material adverse effect on our results of operations.

As of December 31, 2025, we have foreign net operating loss carryforwards of approximately $ 4.7 million, attributed mainly to losses in Russia and Germany. The losses in Germany can be carried forward indefinitely. The operating loss carryforwards in Russia, if not utilized, will expire beginning 2033.

The changes in the balance of gross unrecognized tax benefits, which exclude interest and penalties, for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands):

Year Ended December 31,
2025 2024 2023
Gross unrecognized tax benefits at January 1, $ 145,534   $ 149,172   $ 141,560  
Increases related to tax positions taken during the current year 8,879   12,264   8,616  

Increases related to tax positions taken during a prior year 1,288   2,031   5,647  
Decreases related to tax positions taken during a prior year ( 4,286 ) ( 3,924 ) ( 533 )
Decreases related to expiration of statute of limitations ( 33,988 ) ( 14,009 ) ( 3,654 )
Decreases related to settlement with tax authorities —   —   ( 2,464 )
Gross unrecognized tax benefits at December 31, $ 117,427   $ 145,534   $ 149,172  

The total amount of gross unrecognized tax benefits as of December 31, 2025 was $ 117.4 million, of which $ 111.9 million would impact our effective tax rate if recognized.

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We file U.S. federal, U.S. state, and non-U.S. income tax returns. Our major tax jurisdictions include U.S. federal, the State of California and Switzerland. We are under IRS audit for U.S. federal tax returns from 2018 to 2020. For U.S state tax returns, we are no longer subject to tax examinations for years before 2020. With few exceptions, we are no longer subject to examination by other foreign tax authorities for years before 2017.

We have elected to recognize interest and penalties related to unrecognized tax benefits as a component of income taxes. Interest and penalties included in tax expense for the years ended December 31, 2025, 2024 and 2023 as well as accrued as of December 31, 2025 and 2024 were not material.

Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirement of ASU 2023-09 for the year ended December 31, 2025:

Year Ended
December 31, 2025

United States - Federal
$ 72,872  
United States - State and local
13,792  
Israel
7,291  
Other foreign jurisdictions
40,798  
Total income taxes paid
$ 134,753  

Note 14. Net Income per Share

Basic net income per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the weighted average number of shares of common stock, adjusted for any dilutive effect of potential common stock. Potential common stock, computed using the treasury stock method, includes RSUs, MSUs, PSUs and our ESPP.

The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands, except per share amounts):  

  Year Ended December 31,
  2025 2024 2023
Numerator:
Net income $ 410,351   $ 421,362   $ 445,053  
Denominator:
Weighted average common shares outstanding, basic 72,542   74,877   76,426  
Dilutive effect of potential common stock 46   116   142  
Total shares, diluted 72,588   74,993   76,568  

Net income per share, basic $ 5.66   $ 5.63   $ 5.82  
Net income per share, diluted $ 5.65   $ 5.62   $ 5.81  

Anti-dilutive potential common shares 1
1,239   685   293  

1     Represents approximately 1,238 thousand RSU and 1 thousand ESPP weighted-average outstanding common stock equivalent shares for the year ended December 31, 2025, approximately 685 thousand RSU shares for the year ended December 31, 2024, and approximately 263 thousand RSU and 30 thousand ESPP weighted-average outstanding common stock equivalent shares for the year ended December 31, 2023 that are excluded from the calculation of diluted net income per share as the effect would have been anti-dilutive.

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Note 15. Supplemental Cash Flow Information

The supplemental cash flow information consists of the following (in thousands): 

  Year Ended December 31,
  2025 2024 2023
Taxes paid $ 134,753   $ 177,082   $ 294,569  
Non-cash investing and financing activities:
Acquisition of property, plant and equipment in accounts payable and accrued liabilities $ 16,592   $ 18,974   $ 32,280  
Final settlement of prior year stock repurchase forward contract $ —   $ 50,000   $ 40,000  
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 39,856   $ 39,526   $ 33,714  
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 22,291   $ 32,671   $ 27,901  

Note 16. Segments and Geographical Information

Segment Information

We report segment information based on the management approach. The management approach designates the internal reporting used by our Chief Operating Decision Maker (“CODM”), our Chief Executive Officer, for decision making and performance assessment as the basis for determining our reportable segments. We group our operations into two reportable segments: Clear Aligner segment and Imaging Systems and CAD/CAM services (“Systems and Services”) segment, which are based on our predominant product lines.

Our CODM uses gross profit and income from operations to assess each reportable segment’s performance, by reviewing each measure against internal forecasts and historical performance. Our CODM may also benchmark each segment’s performance against our competitors and external expectations.

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Summarized financial information by reportable segment is as follows (in thousands):

  Year Ended December 31,
2025 2024 2023
Net revenues

Clear Aligner $ 3,245,404   $ 3,230,122   $ 3,199,329  
Systems and Services 789,560   768,890   662,931  

Total net revenues $ 4,034,964   $ 3,999,012   $ 3,862,260  
Cost of net revenues 1

Clear Aligner $ 1,058,893   $ 952,136   $ 911,291  
Systems and Services 265,058   247,717   244,106  
Total cost of goods sold
$ 1,323,951   $ 1,199,853   $ 1,155,397  
Gross profit

Clear Aligner $ 2,186,511   $ 2,277,986   $ 2,288,038  
Systems and Services 524,502   521,173   418,825  
Total gross profit
$ 2,711,013   $ 2,799,159   $ 2,706,863  
Other Segment expenses

Clear Aligner $ 1,151,720   $ 1,135,782   $ 1,105,781  
Systems and Services 218,412   251,951   227,470  
Unallocated corporate expenses 795,126   803,798   730,274  
Total operating expenses
$ 2,165,258   $ 2,191,531   $ 2,063,525  
Segment income from operations

Clear Aligner $ 1,034,791   $ 1,142,204   $ 1,182,257  
Systems and Services 306,090   269,222   191,355  

Total segment income from operations
$ 1,340,881   $ 1,411,426   $ 1,373,612  

1      Management has identified Cost of net revenues as a significant expense for our Clear Aligner and Systems and Services reportable segments.

Other segment expenses typically include employee related costs, marketing and advertising costs, and depreciation and amortization expense incurred by various functions including selling, marketing, general and administrative and research and development. Our CODM does not regularly receive these operating expenses at the reportable segment level.

Income from operations for each segment includes all geographic revenues, related cost of net revenues and operating expenses directly attributable to the reportable segment. Certain operating expenses are not directly attributable to a reportable segment and must be allocated. Each allocation is measured differently based on the nature of the cost being allocated. Certain other operating expense are not specifically allocated to segment income from operations and generally include various corporate expenses such as stock-based compensation and costs related to IT, facilities, human resources, accounting and finance, legal and regulatory, other separately managed general and administrative costs outside the reportable segments and restructuring costs.

The following table reconciles total segment income from operations in the table above to net income before provision for (benefit from) income taxes (in thousands):

Year Ended December 31,
2025 2024 2023
Total segment income from operations
$ 1,340,881   $ 1,411,426   $ 1,373,612  
Unallocated corporate expenses ( 795,126 ) ( 803,798 ) ( 730,274 )
Total income from operations 545,755   607,628   643,338  
Interest income 16,045   20,218   17,258  
Other income (expense), net 23,487   ( 18,887 ) ( 19,392 )
Net income before provision for income taxes
$ 585,287   $ 608,959   $ 641,204  

The following table includes certain non-cash expenses for each reportable segment (in thousands):

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Year Ended December 31,
2025 2024 2023
Stock-based compensation
Clear Aligner $ 23,883   $ 22,888   $ 13,963  
Systems and Services 1,525   1,595   1,293  
Unallocated corporate expenses 160,462   149,220   138,770  
Total stock-based compensation $ 185,870   $ 173,703   $ 154,026  
Depreciation and amortization
Clear Aligner $ 151,565   $ 67,450   $ 64,781  
Systems and Services 39,513   30,998   31,518  
Unallocated corporate expenses 46,358   46,586   46,102  
Total depreciation and amortization $ 237,436   $ 145,034   $ 142,401  

Our CODM does not regularly review total assets at the reportable segment level; however, we have provided geographical information related to our long-lived assets below.

Geographical Information

Net revenues are presented below by geographic area (in thousands): 

  Year Ended December 31,
  2025 2024 2023
Net revenues 1 :

U.S. $ 1,661,185   $ 1,695,696   $ 1,665,925  
Switzerland 920,588   983,629   1,168,320  
Other International 1,453,191   1,319,687   1,028,015  
Total net revenues $ 4,034,964   $ 3,999,012   $ 3,862,260  

1      Net revenues are attributed to countries based on the location of where revenues are recognized by our legal entities.

Long-lived assets, which includes Property, plant and equipment, net, and Operating lease right-of-use assets, net, are presented below by geographic area (in thousands):

  December 31,
  2025 2024
Long-lived assets 1 :

Switzerland $ 493,584   $ 571,628  
U.S. 200,343   207,689  
Other International 545,848   605,193  
Total long-lived assets $ 1,239,775   $ 1,384,510  

1      Long-lived assets are attributed to countries based on the location of our entity that owns or leases the assets.

Note 17. Restructuring and Other Charges

2023 Restructuring

During 2023, we incurred approximately $ 14.0 million in restructuring expenses, of which $ 5.3 million remained unpaid and were included in Accrued liabilities as of December 31, 2023. As of December 31, 2024, we had no remaining restructuring liability related to the 2023 Restructuring.

2024 Restructuring

During 2024, we incurred approximately $ 37.0 million in restructuring expenses, of which $ 13.0 million remained unpaid and were included in Accrued liabilities as of December 31, 2024. For the year ended December 31, 2025, we reduced our
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December 31, 2024 restructuring liability by approximately $ 14.6 million primarily due to cash payments, offset by approximately $ 2.1 million of additional restructuring expense recorded in Cost of net revenues.

The 2023 and 2024 restructuring charges were primarily related to involuntary termination benefits, including employee severance and other post-employment benefits.

2025 Restructuring

During the third quarter of 2025, we initiated a plan to realign certain business groups and reduce our global workforce. This plan represents our continued effort to right size our labor force with the current macroeconomic environment. We incurred $ 40.9  million in total restructuring expenses, primarily related to involuntary termination benefits, including employee severance and other post-employment benefits. We have recorded $ 5.5 million in Cost of net revenues and $ 35.4 million in Restructuring and other charges in our Consolidated Statements of Operations as of December 31, 2025. All charges recorded to Cost of net revenues were allocated to our Clear Aligner reportable segment and all charges recorded to Restructuring and other charges were unallocated corporate expenses. As of December 31, 2025, $ 17.1 million remained unpaid and was included in Accrued liabilities in our Consolidated Balance Sheets.

Activity related to the restructuring liabilities associated with our restructuring initiatives consist of the following (in thousands):

For the twelve months ended December 31, 2024

2023 Restructuring 2024 Restructuring Total
Balance at beginning of period 1
$ 5,299   $ —   $ 5,299  
Restructuring and other charges
( 598 ) 36,991   36,393  
Cash payments and adjustments
( 4,701 ) ( 23,990 ) ( 28,691 )
Balance at end of period 1
$ —   $ 13,001   $ 13,001  
For the twelve months ended December 31, 2025

2024 Restructuring 2025 Restructuring 2
Total
Balance at beginning of period 1
$ 13,001   $ —   $ 13,001  
Restructuring and other charges
2,056   40,888   42,944  
Cash payments and adjustments
( 14,569 ) ( 23,776 ) ( 38,345 )
Balance at end of period 1
$ 488   $ 17,112   $ 17,600  

1     Included in “Accrued liabilities” within our Consolidated Balance Sheets.
2     2025 restructuring activities include an immaterial amount of charges for non post-employment benefit related restructuring expense.

Note 18. Assets Held for Sale

In connection with the 2025 Restructuring activities, refer to Note 17 “Restructuring and Other Charges” , we have undertaken additional actions to optimize our manufacturing footprint. These actions include disposing, either by sale or other than by sale, of certain capital assets, including various manufacturing assets and facilities. For discussion of assets disposed of other than by sale refer to Note 1 “Summary of Significant Accounting Policies."

ASC Topic 360-10, Property, Plant and Equipment - Overall, requires a long-lived asset to be classified as “held for sale” in the period in which certain criteria are met. The Company classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the asset is available for immediate sale in its present condition, (3) the Company has initiated an active program to sell the asset, (4) it is probable the sale of the asset will be completed within one year, (5) the asset is being actively marketed for a reasonable price, and (6) it is unlikely the plan to sell the asset will significantly change. At the time the Company classifies a property as held for sale, the Company ceases recording depreciation. An asset classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. Upon classification as held for sale, the Company assesses fair value less costs to sell at each reporting period until the asset is no longer classified as held for sale.

During the third quarter of 2025, the Company committed to a plan to sell a manufacturing facility, including land, building and building improvements (collectively the “disposal group”), located in Juarez, Mexico and determined the disposal group met the criteria for classification as held for sale. The Company classified the disposal group as held for sale for $ 27.9 million, which represents the disposal group’s fair value less estimated costs to sell. Fair value of the disposal group was
96

determined utilizing two equally weighted valuation techniques, the Direct Capitalization and Direct Comparison methods. The Direct Capitalization method utilizes various inputs, including estimated market rents, vacancy rates and operating expenses, to determine an estimated net operating income, and a capitalization rate. The Direct Comparison method utilizes sales of comparable properties, adjusted for property differences such as location, physical characteristics and market conditions.

For the year ended December 31, 2025, we recognized an impairment loss of $ 23.1 million on assets held for sale, which was recorded within Cost of net revenues in our Consolidated Statements of Operations. The entire impairment loss was attributable to our Clear Aligner reportable segment. As of December 31, 2025, we had adjusted assets held for sale of $ 28.0  million, which are presented separately as Assets held for sale in our Consolidated Balance Sheets. We had no assets held for sale as of December 31, 2024.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Not applicable.
 

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.

Our management, under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures are effective as of December 31, 2025 to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure, and that such information is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Management’s Annual Report on Internal Control over Financial Reporting.

See “Management’s Annual Report on Internal Control over Financial Reporting” in Item 8 of this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting.

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

During the fiscal quarter ended December 31, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408 of Regulation S-K).

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

PART III

Certain information required by Part III is omitted from this Annual Report on Form 10-K because we intend to file our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders (the “Proxy Statement”) not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, and certain information to be included therein is incorporated herein by reference.

Item 10. Directors, Executive Officers and Corporate Governance.

97

The information required by Item 401 of Regulation S-K concerning our directors is incorporated by reference to the section entitled “Director Nominees” contained in the Proxy Statement.

The information required by Item 401 of Regulation S-K concerning our executive officers is set forth in Part I, Item 1, “Business” contained in this Annual Report on Form 10-K under the section entitled “Information about our Executive Officers.” 

If applicable, the information required by Item 405 of Regulation S-K concerning delinquent reports under Section 16(a) of the Exchange Act will be incorporated by reference to the section entitled “Delinquent Section 16(a) Reports” contained in the Proxy Statement. 

The information required by Item 407(c)(3), 407(d)(4) and 407(d)(5) of Regulation S-K is incorporated by reference to the section entitled “Corporate Governance” contained in the Proxy Statement.

Insider Trading Arrangements and Policies

We have adopted an Insider Trading Policy governing the purchase, sale and other dispositions of our securities by our directors, officers, employees, consultants, contractors and our agents that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations and Nasdaq listing standards.

The foregoing summary of our Insider Trading Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Insider Trading Policy, which is filed as Exhibit 19.1 to this Annual Report on Form 10-K. In addition, it is our policy that any trades by us will comply with applicable law, including laws with respect to insider trading.

Code of Ethics

We have a code of ethics (which we call our Global Code of Conduct) that applies to all of our employees, including our principal executive officer, principal financial officer and controller. Our Global Code of Conduct is posted on the investor relations portion of our website at http://investor.aligntech.com within the section captioned “Corporate Governance.”

We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of our Global Code of Conduct by posting such information on our website, at the address and location specified above, rather than by filing a Current Report on Form 8-K.

Item 11. Executive Compensation.

The information required by Item 402 of Regulation S-K is incorporated by reference to the sections entitled “Executive Compensation—Compensation Discussion and Analysis,” “Compensation Tables” and “Director Compensation” contained in the Proxy Statement.

The information required by Items 407(e)(4) and (e)(5) of Regulation S-K is incorporated by reference to the sections entitled “Corporate Governance—Committee Responsibilities and Oversight—Compensation and Human Capital Committee—Compensation Committee Interlocks and Insider Participation” and “Compensation and Human Capital Committee Report,” respectively, contained in the Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by Item 403 of Regulation S-K is incorporated by reference to the section entitled “Security Ownership of Certain Beneficial Owners and Management” contained in the Proxy Statement.

Equity Compensation Plan Information

The following table provides information as of December 31, 2025 about our common stock that may be issued upon the awards granted to employees, consultants or members of our Board under all existing equity compensation plans, including our 2005 Annual Incentive Plan (“2005 Plan”) and 2010 Employee Stock Purchase Plan (“ESPP”), each as amended, and certain individual arrangements. Refer to Note 10 “Stockholders’ Equity” of the Notes to Consolidated Financial Statements for a description of our equity compensation plans.

98

Plan category
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
Weighted-average exercise price of outstanding options, warrants and rights
(b)

Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)

Equity compensation plans approved by security holders
1,519,520 (1) $
7,088,161 (2),(3)
Equity compensation plans not approved by security holders
—
—
—

Total
1,519,520 $
7,088,161

(1) Includes 1,249,704 restricted stock units (“RSUs”), 263,516 market-performance based RSUs (“MSUs”) at 100% target and 6,300 RSUs with performance conditions, which have an exercise price of zero.
(2) Includes 4,608,476 and 1,728,664 shares available for issuance under our 2005 Plan and ESPP, respectively. We are unable to ascertain with specificity the number of securities to be issued upon exercise of outstanding rights or the weighted average exercise price of outstanding rights under the ESPP.
(3) Includes additional 751,021 of potentially issuable MSUs if performance targets are achieved at maximum payout.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by Item 404 and Item 407 of Regulation S-K is incorporated by reference to the sections entitled “Certain Relationships and Related Party Transactions” and “Corporate Governance—Board Structure and Independence,” respectively, contained in the Proxy Statement.

Item 14. Principal Accountant Fees and Services.

The information required by Item 9(e) of Schedule 14A is incorporated by reference to the section entitled “Ratification of Appointment of Independent Registered Public Accounting Firm” contained in the Proxy Statement.
99

PART IV
 

Item 15. Exhibits and Financial Statement Schedules.

(a) Financial Statements

1. Consolidated financial statements
The following documents are filed as part of this Annual Report on Form 10-K:
 
Report of Independent Registered Public Accounting Firm 58

Consolidated Statements of Operations for the year ended December 31, 2025, 2024 and 2023
60

Consolidated Statements of Comprehensive Income for the year ended December 31, 2025, 2024 and 2023
61

Consolidated Balance Sheets as of December 31, 2025 and 2024
62

Consolidated Statements of Stockholders’ Equity for the year ended December 31, 2025, 2024 and 2023
63

Consolidated Statements of Cash Flows for the year ended December 31, 2025, 2024 and 2023
64

Notes to Consolidated Financial Statements 65

 
2. The following financial statement schedule is filed as part of this Annual Report on Form 10-K:
Schedule II—Valuation and Qualifying Accounts and Reserves for the year ended December 31, 2025, 2024 and 2023
All other schedules have been omitted as they are not required, not applicable, or the required information is otherwise included.
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
 
Balance at
Beginning
of Period Additions
(Reductions)
to Costs and
Expenses Write
Offs Balance at
End of Period
  (in thousands)
Allowance for doubtful accounts:
Year Ended December 31, 2023
$ 10,343   $ 8,002   $ ( 3,452 ) $ 14,893  
Year Ended December 31, 2024
$ 14,893   $ 8,282   $ ( 4,044 ) $ 19,131  
Year Ended December 31, 2025
$ 19,131   $ 18,738   $ ( 3,656 ) $ 34,213  
Valuation allowance for deferred tax assets:
Year Ended December 31, 2023
$ 23,286   $ ( 8,295 ) $ —   $ 14,991  
Year Ended December 31, 2024
$ 14,991   $ 4,399   $ —   $ 19,390  
Year Ended December 31, 2025
$ 19,390   $ ( 7,892 ) $ —   $ 11,498  

100

(b) The following exhibits are included in this Annual Report on Form 10-K:
Exhibit Number
Description Form Date Exhibit
Number
Incorporated
by Reference
herein Filed
herewith
3.1
Amended and Restated Certificate of Incorporation of Align Technology, Inc.
10-Q
8/6/2025 3.1
3.2
Amended and Restated Bylaws of Align Technology, Inc.
8-K
2/26/2026 3.1
4.1
Form of Specimen Common Stock Certificate
S-1/A (File No. 333-49932)
1/17/2001 4.1
4.2
Description of the Registered Securities of Align Technology, Inc.
*

10.1†
Align Technology, Inc. 2010 Employee Stock Purchase Plan (as amended and restated as of May 19, 2021)
8-K 5/20/2021 10.1
10.2†
Align Technology, Inc. 2005 Incentive Plan (as amended on May 21, 2025)
8-K 5/21/2025 10.1
10.3†
Form of RSU Agreement under 2005 Incentive Plan (Non-employee Director Form)
10-K 2/28/2020 10.5
10.4†
Align 2019 Global RSU Agreement
10-K 2/28/2019 10.6
10.5†
Form of RSU Agreement under 2005 Incentive Plan (CEO Form)
10-K
2/28/2025 10.7

10.6†
Form of RSU Agreement under 2005 Incentive Plan (Executive Officer Form for officers appointed after September 2016)
10-Q 5/5/2023 10.2
10.7†
Form of RSU Agreement under 2005 Incentive Plan (Executive Officer Form for officers appointed prior to September 2016)
10-Q 5/5/2023 10.3
10.8†
Form of MSU Agreement under 2005 Incentive Plan (CEO Form )
10-Q 5/5/2023 10.4
10.9†
Form of MSU Agreement under 2005 Incentive Plan (Executive Officer Form for officers appointed after September 2016)
10-Q 5/5/2023 10.5
10.10†
Form of MSU Agreement under 2005 Incentive Plan (Executive Officer Form for officers appointed prior to September 2016)
10-Q 5/5/2023 10.6
10.11†
Form of Employment Agreement by and between Align Technology, Inc. and each executive officer (non-CEO Form) (for executive officers appointed prior to September 2016)
10-Q 5/8/2008 10.3
10.12†
Form of Employment Agreement by and between Align Technology, Inc. and each executive officer (non-CEO Form) (for executive officers appointed after September 2016)
10-K 2/28/2017 10.8
10.13†
Amended and Restated Chief Executive Officer Employment Agreement, dated April 16, 2015, by and between Align Technology, Inc. and Joseph Hogan
10-Q 5/1/2015 10.30
10.14†
Employment Agreement, dated November 7, 2016, by and between Align Technology, Inc. and John F. Morici
10-Q 11/8/2016 10.2

10.15†
Form of Indemnification Agreement by and between Align Technology, Inc. and each of its directors and executive officers
*

10.16
Credit Agreement, dated July 21, 2020, by and among Align Technology, Inc. and the lenders party thereto from time to time and Citibank, N.A., as administrative agent
10-Q 10/30/2020 10.1
10.17
First Amendment, dated April 21, 2022, to Credit Agreement by and among Align Technology, Inc. and the lenders party thereto from time to time and Citibank, N.A., as administrative agent, dated July 21, 2020
10-K 2/27/2023 10.18
10.18
Second Amendment, dated December 23, 2022, to Credit Agreement by and among Align Technology, Inc. and the lenders party thereto from time to time and Citibank, N.A., as administrative agent, dated July 21, 2020
10-K 2/27/2023 10.19
10.19*
Share Purchase Agreement, dated September 1, 2023, by and among Align Holdings GmbH, Align Technology Switzerland GmbH and the Sellers provided therein
10-Q 11/3/2023 10.1
19.1
Align Technology, Inc. Insider Trading Policy
*

21.1
Subsidiaries of Align Technology, Inc.
*

101

Exhibit Number
Description Form Date Exhibit
Number
Incorporated
by Reference
herein Filed
herewith
23.1
Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm
*
31.1
Certifications of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2003
*
31.2
Certifications of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2003
*
32.1 t
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2003
*
97.1
Align Technology, Inc. Clawback Policy
10-K
2/28/2024 97.1

101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). *
101.SCH Inline XBRL Taxonomy Extension Schema Document *
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document *
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document *
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document *
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document *
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) *

__________________________________ 
† Management contract or compensatory plan or arrangement.

*
Certain information contained in this exhibit has been omitted because it is not material and (i) would likely cause competitive harm to the registrant if publicly disclosed or (ii) is the type that the registrant treats as private or confidential.

t Furnished herewith.

Item 16. Form 10-K Summary.

None.

102

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
ALIGN TECHNOLOGY, INC.

By: /s/    JOSEPH M. HOGAN         

Joseph M. Hogan
President and Chief Executive Officer
Date: February 27, 2026

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Joseph M. Hogan or John F. Morici, jointly and severally, his or her attorney-in-fact, each with the full power of substitution, for such person in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature    Title   Date

/s/    JOSEPH M. HOGAN
   President, Chief Executive Officer and Director ( Principal Executive Officer )
  February 27, 2026
Joseph M. Hogan

/s/    JOHN F. MORICI
   Chief Financial Officer and Executive Vice President, Global Finance ( Principal Financial Officer and Principal Accounting Officer )
  February 27, 2026
John F. Morici

/s/    KEVIN T. CONROY
Director February 27, 2026
Kevin T. Conroy

/s/    KEVIN J. DALLAS
Director February 27, 2026
Kevin J. Dallas

/s/    JOSEPH LACOB 
Director February 27, 2026
Joseph Lacob

/s/    C. RAYMOND LARKIN, JR.     
   Chairman of the Board
  February 27, 2026
C. Raymond Larkin, Jr.

/s/    GEORGE J. MORROW    
   Director   February 27, 2026
George J. Morrow

/s/    ANNE M. MYONG      
Director February 27, 2026
Anne M. Myong

/s/   MOJDEH POUL
Director February 27, 2026
Mojdeh Poul

/s/    ANDREA L. SAIA
Director February 27, 2026
Andrea L. Saia

/s/    SUSAN E. SIEGEL 
Director February 27, 2026
Susan E. Siegel

/s/    BRITT VITALONE 
Director
February 27, 2026
Britt Vitalone

103