Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Proprietary software, scale and adoption establish capabilities, but do not establish durable relative protection against substitution. Patent invalidations further limit the conclusion.
durability · — · Accumulated experience supports continued relevance, but the catalog cannot establish the duration of economic protection. Direct fabrication scale benefits remain prospective.
customer dependency · — · Training and multiyear obligations suggest continuity, but do not establish material dependence, exclusivity or costly supplier switching.
erosion resilience · — · Volume growth coexists with discounting and weakened patent claims. These mixed outcomes cannot establish resilience of an underlying durable moat.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Historical price increases generated revenue, with promotional and mix offsets. First-half 2026 discounts and lower-priced country/product mix reduced aligner revenue by $26 million; Systems and Services also suffered lower-priced mix. Second-quarter price increases are combined with currency, preventing isolation of their contribution.
retention · 2/4 · Indirect operating evidence supports continuing engagement: growing aligner volume, rising scanner lease income and multiyear fulfillment obligations. These do not isolate repeat customers. Declining remaining obligations and irregular usage among some experienced doctors temper the assessment; no retention rate is inferred.
margin resilience · 2/4 · Second-quarter GAAP gross margin rose to 71.7% from 69.9%, and both segments reported improved first-half operating margins. Consolidated GAAP operating margin nevertheless fell to 14.1% from 14.8% in the first half and to 14.6% from 16.1% in the quarter. Expense reductions supported segment improvement, while VAT and legal charges affected consolidated results. Resilience is mixed and cannot be attributed solely to pricing.
contractual freedom · 2/4 · Actual price increases, differentiated prices and fees, and disclosed payment terms establish commercial discretion. Collection generally precedes complete fulfillment. Realized discounts and price-focused competition constrain economic freedom; unilateral repricing rights within existing contracts are not established.
Prévisibilité92
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 3.68
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 4.07
Solidité financière—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, interestCoverageGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- currentRatioGrade
- 49.02
- Current ratio (x)
- 1.36
Allocation du capital—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -2.47
- 3-year average SBC / revenue (%)
- 4.31
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Reported operating cash generation, capital expenditures and share reductions provide assessable evidence. Annual operating cash generation declined across 2023–2025, stock compensation rose, and manufacturing assets incurred impairment. First-half 2026 repurchases modestly reduced shares despite issuance. The approximately $200 million manufacturing investment is planned, with returns unproven; repurchases do not independently establish value creation.
incentive alignment · 3/4 · Actual below-target 2025 cash and MSU payouts, below-target MSU vesting in 2026, CEO personal share purchases and restrictions on hedging and pledging demonstrate meaningful alignment. Bonus exclusions and time-vested RSUs temper the conclusion. Complete ownership and threshold compliance remain unavailable.
execution · 2/4 · Reported treatment, practitioner and manufacturing milestones and growing first-half aligner volume support execution. Lower Systems and Services revenue despite higher system volume, discount pressure and below-target 2025 performance show mixed delivery. This assessment uses indirect operating outcomes and does not attribute every result to management.
governance · 3/4 · A separate independent chair, entirely independent Audit Committee, trading restrictions and an adopted stockholder special-meeting right demonstrate strong structures. The meeting right requires 25% ownership held continuously for one year. Director nominees and intended July appointments are not treated as completed elections or appointments; exceptional oversight outcomes are unproven.
Preuves
We continuously upgrade our proprietary, three-dimensional treatment planning software to enhance computer analysis of treatment data and reduce time spent on manual and judgmental tasks for each case, thereby increasing the efficiency of our technicians.
Manufacturing and proprietary treatment-planning software · Dépôt 27/02/2026
In order to provide Invisalign treatment to their patients, orthodontists and GPs must initially complete an Invisalign training course.
Business: required Invisalign practitioner training · Dépôt 27/02/2026
We believe Cubicure provides direct fabrication capabilities that will support and scale our strategic innovation roadmap and strengthen the Align Digital Platform by enabling us to scale our 3D printing operations to eventually print millions of custom devices per day.
Direct Fabrication: anticipated scaling benefits · Dépôt 27/02/2026
This includes performance obligations from the Clear Aligner reportable segment, primarily the shipment of additional aligners, which are fulfilled over six months to five years.
Unfulfilled Performance Obligations: additional aligners · Dépôt 27/02/2026
This also includes performance obligations from our Systems and Services reportable segment, primarily services and support, which are fulfilled over one to five years, and contracted deliveries of additional scanners.
Unfulfilled Performance Obligations: services and scanners · Dépôt 27/02/2026
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.
Note 4: scanner operating leases and lease income · Dépôt 27/02/2026
Our unfulfilled performance obligations, including deferred revenues and backlog, and the estimated revenues expected to be recognized in the future related to these performance obligations are $1,352.7 million and $1,444.9 million as of December 31, 2025 and 2024, respectively.
Revenue recognition: remaining obligations at year-end 2025 and 2024 · Dépôt 27/02/2026
For both aligners and scanners, we usually collect the total consideration owed prior to all performance obligations being satisfied with payment terms generally varying from net 30 to net 180 days.
Contract Balances: collection and payment terms · Dépôt 27/02/2026
In addition, we sell our products at different prices and with varying shipping and handling charges or processing fees that may differ by country.
Risk Factors: differentiated prices and fees · Dépôt 27/02/2026
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands) Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss), Net Retained Earnings Total Shares Amount Balance as of December 31, 2022 77,267 $ 8 $ 1,044,946 $ (10,284) $ 2,566,688 $ 3,601,358 Net income — — — — 445,053 445,053 Net change in unrealized gains (losses) from investments — — — 3,033 — 3,033 Net change in foreign currency translation adjustment — — — 28,419 — 28,419 Issuance of common stock relating to employee equity compensation plans 335 — 26,595 — — 26,595 Tax withholdings related to net share settlements of equity awards (70) — (22,575) — — (22,575) Common stock repurchased and retired (2,457) (1) (30,852) — (564,567) (595,420) Equity forward contract related to accelerated stock repurchase — — (10,000) — — (10,000) Stock-based compensation — — 154,026 — — 154,026 Balance as of December 31, 2023 75,075 7 1,162,140 21,168 2,447,174 3,630,489 Net income — — — — 421,362 421,362 Net change in unrealized gains (losses) from investments — — — 596 — 596 Net change in foreign currency translation adjustment — — — (15,786) — (15,786) Issuance of common stock relating to employee equity compensation plans 411 — 25,281 — — 25,281 Tax withholdings related to net share settlements of equity awards (92) — (28,125) — — (28,125) Common stock repurchased and retired (1,545) — (20,292) — (335,243) (355,535) Equity forward contract related to accelerated stock repurchase — — 49,527 — (49,527) — Stock-based compensation — — 173,703 — — 173,703 Balance as of December 31, 2024 73,849 7 1,362,234 5,978 2,483,766 3,851,985 Net income — — — — 410,351 410,351 Net change in foreign currency translation adjustment — — — 69,410 — 69,410 Issuance of common stock relating to employee equity compensation plans 494 — 21,749 — — 21,749 Tax withholdings related to net share settlements of equity awards (104) — (20,390) — — (20,390) Common stock repurchased and retired (2,875) — (39,868) — (429,960) (469,828) Stock-based compensation — — 185,870 — — 185,870 Balance as of December 31, 2025 71,364 $ 7 $ 1,509,595 $ 75,388 $ 2,464,157 $ 4,049,147 The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Statements of Stockholders’ Equity: 2023–2025 · Dépôt 27/02/2026
5,330
(843)
(7,703)
Accrued and other long-term liabilities
(95,654)
89,705
46,327
Long-term income tax payable
(28,265)
(20,279)
(7,772)
Deferred revenues
(111,756)
(80,109)
86,714
Net cash provided by operating activities
593,223
738,231
785,776
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired
(77,075)
Purchase of property, plant and equipment
(102,445)
(115,580)
(177,716)
Purchase of marketable securities
(2,910)
Proceeds from maturities of marketable securities
25,660
55,170
Proceeds from sales of marketable securities
18,193
6,234
Purchase of equity investments
(106,345)
(76,999)
Other investing activities
235
278
Net cash used in investing activities
(112,445)
(254,912)
(195,943)
CASH FLOWS FROM FINANCING ACTIVITIES:
Consolidated Statements of Cash Flows: operating cash and capital expenditures · Dépôt 27/02/2026
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.
Assets held for sale: 2025 impairment · Dépôt 27/02/2026
10,973,613; 11,154,384, 11,648,090, and 11,648,091 were invalid for lack of enablement.
Legal Proceedings: asserted material-patent claims invalidated · Dépôt 05/08/2026
Angelalign Litigation
On August 15, 2025, we initiated two actions in the European Unified Patent Court against various Angelalign entities including Angelalign Technology, Inc.; Angelalign France Technology SASU; Europe Angelalign Technology B.V.; Angelalign Technology (Germany) GmbH; Italy Angelalign Technology S.R.L.
Legal Proceedings: Angelalign litigation · Dépôt 05/08/2026
We have and will likely continue to experience price-focused competition as we continue to expand into new markets, which could contribute to the commoditization of our products or services if we are unable to otherwise differentiate our offerings from those of our competitors.
Risk Factors: experienced price-focused competition · Dépôt 05/08/2026
The program allows doctors the flexibility to order retainers and low-stage “touch-up” clear aligners within their subscribed tier and is designed for a segment of experienced Invisalign trained doctors who are currently not regularly using our retainers or low-stage aligners.
Doctor Subscription Program: irregular usage among experienced doctors · Dépôt 05/08/2026
▪Our Systems and Services segment consists of sales related to our iTero intraoral scanning systems, which includes a single hardware platform and restorative or orthodontic software options, scanner wand upgrades, and non-system revenues from leases of scanner systems, sales of pre-owned scanner systems, subscription software, disposables, pay per scan services, as well as exocad’s CAD/CAM software solutions that integrate workflows to dental labs and dental practices.
Systems and Services: software, scanner and integrated workflow offerings · Dépôt 05/08/2026
Clear Aligner For the three months ended June 30, 2026, Clear Aligner net revenues increased by $66 million compared to the same period in 2025, primarily due to an increase in volume, which increased net revenues by $53 million and an increase of $13 million from favorable foreign exchange rates and price increases.
MD&A: second-quarter 2026 aligner revenue bridge · Dépôt 05/08/2026
For the six months ended June 30, 2026, Clear Aligner net revenues increased by $125 million compared to the same period in 2025, primarily due to an increase in volume and favorable foreign exchange rates, which increased net revenues by $102 million and $49 million, respectively.
MD&A: first-half 2026 aligner volume and currency contribution · Dépôt 05/08/2026
These increases were partially offset by higher discounts and product mix shift to lower-priced countries and products resulting in a decrease in net revenues of $26 million.
MD&A: first-half 2026 discount and lower-priced mix impact · Dépôt 05/08/2026
For the six months ended June 30, 2026, Systems and Services net revenues decreased by $21 million compared to the same period in 2025, primarily due to decrease of $46 million from mix shift to lower-priced products, and $28 million from lower scanner wand sales.
MD&A: first-half 2026 Systems and Services revenue pressures · Dépôt 05/08/2026
These decreases were partially offset by higher system volume of $35 million and an increase of $18 million from higher non-systems sales and favorable foreign exchange.
MD&A: first-half 2026 system volume and other offsets · Dépôt 05/08/2026
For the six months ended June 30, 2026, our operating margin increased compared to the same period in 2025, primarily due to higher gross margin and lower advertising and marketing expense, partially offset by an increase in employee costs and equipment.
MD&A: first-half 2026 Clear Aligner operating-margin drivers · Dépôt 05/08/2026
For the six months ended June 30, 2026, our operating margin increased compared to the same period in 2025, primarily due to higher gross margin and a decrease in operating expenses related to lower employee costs, advertising and outside services partially offset by an increase in credit card transaction fees and equipment.
MD&A: first-half 2026 Systems and Services operating-margin drivers · Dépôt 05/08/2026
We have a history of offering volume discounts, price reductions and other promotions to targeted customers and consumers and releasing lower priced products which have had, and may in the future have, unexpected and unintended consequences, including reduced net revenues, gross profit, operating profit and net income.
Risk Factors: realized adverse consequences of promotions · Dépôt 05/08/2026
Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2026 were $1,277.9 million.
Revenue recognition: remaining obligations at June 30, 2026 · Dépôt 05/08/2026
Tax withholdings related to net share settlements of equity awards
(3)
(515)
(515)
Common stock repurchased and retired
(393)
(5,682)
(61,116)
(66,798)
Stock-based compensation
45,560
45,560
Balance as of June 30, 2026
71,245
1,570,297
66,586
2,595,563
4,232,453
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss), Net
Retained Earnings
Balance as of December 31, 2025
71,364
1,509,595
75,388
2,464,157
4,049,147
Net income
221,065
221,065
Net change in foreign currency translation adjustment
(8,802)
(8,802)
Issuance of common stock relating to employee equity compensation plans
616
11,718
11,718
Tax withholdings related to net share settlements of equity awards
(156)
(29,166)
(29,166)
Common stock repurchased and retired
(579)
(8,334)
(89,659)
(97,993)
Stock-based compensation
86,484
86,484
Balance as of June 30, 2026
71,245
1,570,297
66,586
2,595,563
4,232,453
Additional Paid-In Capital
Management regularly monitors their compositions and maturities.
Stockholders’ Equity: first-half 2026 issuance, repurchases and compensation · Dépôt 05/08/2026
The following table summarizes the MSU performance activity for the six months ended June 30, 2026: 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, 2025 263 $ 507.88 Granted 149 378.44 Vested and released1 (63) 622.37 Forfeited (37) 532.75 Unvested as of June 30, 2026 312 $ 419.99 1.92 $ 52,623 1 Includes MSUs vested during the period below 100% of the original grant as actual shares released are based on our stock performance relative to a market index over the vesting period.
Stock-Based Compensation: actual MSU vesting below original grant · Dépôt 05/08/2026
We expect to invest approximately $200 million over the next several years in connection with the project, including both capital expenditures and operating costs.
Recent Developments: planned manufacturing investment · Dépôt 05/08/2026
•Major milestones: 22 million Invisalign® patients treated—including over 6.5 million teens and kids—over 295 thousand active Invisalign® trained practitioners, and over 2.4 billion clear aligners manufactured worldwide •FY 2025 Total Revenues of $4.0 billion • FY 2025 Operating Margin of 13.5%, or 21.8% on a non-GAAP basis •FY 2025 Diluted Net Income per share of $5.65, or $10.51 on a non-GAAP basis •Repurchased $466 million of Align common stock during 2025 April 7, 2026 Dear Stockholders, As I reflect on fiscal 2025, I am proud of how Align navigated a year that demanded focus, resilience, and disciplined execution.
Stockholder letter: reported patient, practitioner and manufacturing milestones · Dépôt 07/04/2026
As of the date of this proxy statement, these best practices include: CEO and independent Chairman of the Board (“Chair”) are separate positions 90% of our director nominees are independent Our Board is made up of seasoned executive leaders with a diversity of viewpoints, backgrounds, national origins, and experiences Since 2017, we have added six new members to our Board We have significant stock ownership thresholds for our officers and directors that were further increased in 2025 and our CEO has purchased $8 million of our common stock since his last sale in 2021(1) Our independent directors hold routine executive sessions without management present Employees and directors are prohibited from engaging in short-selling, hedging or pledging transactions Our Board oversees our overall risk management infrastructure We promote a culture of integrity and quality that manages risks as part of our corporate strategy and day-to-day operations Since 2023, we have expanded stockholder rights by adopting proxy access bylaws (2023), eliminating supermajority voting requirements (2025) and empowering our stockholders to call special meetings (2026) (1) To ensure alignment with Align’s long-term growth objectives and that his interests are closely aligned with those of our stockholders, our CEO has purchased approximately $8 million (as valued at the time of each purchase) of our common stock using his personal funds since his last sale of our common stock in 2021.
Governance Highlights: leadership structure, personal purchases and trading restrictions · Dépôt 07/04/2026
While we grew revenues year over year, our net revenue growth and adjusted operating income performance resulted in below target payouts on our annual cash incentive and the relative underperformance of our stock resulted in below target payouts for our long-term MSUs.
Executive Compensation: actual below-target 2025 payouts · Dépôt 07/04/2026
As discussed below, for the 2025 Bonus Plan, the Committee made no adjustment to our constant currency revenue attainment, but excluded certain assets write-down, accelerated depreciation, restructuring charges, and legal settlement, which are all extraordinary and non-recurring items identified as non-GAAP adjustments in our earnings announcements, from the measurement of our constant currency operating income as further discussed below in “2025 Bonus Plan Financial Targets and Attainment.”
Executive Compensation: adjustments to bonus measurement · Dépôt 07/04/2026
•time-vested RSUs and performance-based MSUs awards granted to our NEOs in 2025 reflected on an individual grant basis.
2025 Grants of Plan-Based Awards: time-vested RSUs and performance-based MSUs · Dépôt 07/04/2026
The Audit Committee is comprised entirely of independent directors who meet all applicable Nasdaq and SEC independence requirements.
Audit Committee report: actual committee independence · Dépôt 07/04/2026
On February 24, 2026, upon the recommendation of our Nominating and Governance Committee, our Board amended and restated Section 2.3 of our Bylaws to provide that the Board shall call a special meeting of stockholders if properly requested by one or more stockholders of record (or beneficial owners, if any) that have continuously held not less than 25% of our outstanding shares of voting stock entitled to vote on each of the matters proposed to be considered at the special meeting (the “Requisite Percentage”) for at least one year prior the date of mailing of the request (the “One-Year Period”), and have otherwise complied with each requirement in Section 2.3 of our Bylaws (the “Special Meeting Provision”).
Special Meeting Provision: adopted February 24, 2026 bylaw amendment · Dépôt 07/04/2026
Higher ASP includes price increases which increased net revenues by $68.6 million along with higher additional aligners which increased net revenues by $43.9 million.
MD&A: 2023 Americas price increases · Dépôt 28/02/2024
The increases in ASP were partially offset by higher promotional discounts which decreased net revenues by $44.3 million, a product mix shift to lower priced products which reduced net revenues by $37.6 million and higher sales credits which lowered net revenues $11.5 million.
MD&A: 2023 Americas promotion, mix and credit offsets · Dépôt 28/02/2024
Higher ASP was largely due to higher additional aligners increasing net revenues by $100.8 million and price increases on most products which increased net revenues by $96.9 million.
MD&A: 2023 international price increases · Dépôt 28/02/2024
(together with its affiliates, “Elliott”) about its ongoing Board refreshment and governance process, Align will appoint three new independent directors to join the Company’s Board of Directors.
Strategic initiatives: intended appointment of three independent directors · Dépôt 29/07/2026
Over the past 29 years, Align has helped doctors treat approximately 23.5 million patients with the Invisalign System and is driving the evolution in digital dentistry through the Align™ Digital Platform, our integrated suite of unique, proprietary technologies and services delivered as a seamless, end-to-end solution for patients and consumers, orthodontists and GP dentists, and lab/partners.
About Align: cumulative treatment experience and platform description · Dépôt 29/07/2026
CONSTANT CURRENCY GROSS PROFIT AND GROSS MARGIN
(in thousands, except percentages)
Sequential constant currency analysis:
Three Months Ended
June 30,
2026
March 31,
2026
GAAP gross profit
$
757,430
$
736,587
Constant currency impact on gross profit (1)
6,910
Constant currency gross profit (1)
$
764,339
Three Months Ended
June 30,
2026
March 31,
2026
GAAP gross margin
71.7
%
70.8
%
Gross margin constant currency impact (1)
0.2
Constant currency gross margin (1)
72.0
%
Year-over-year constant currency analysis:
Three Months Ended
June 30,
2026
2025
GAAP gross profit
$
757,430
$
708,117
Constant currency impact on gross profit (1)
(916)
Constant currency gross profit (1)
$
756,513
Three Months Ended
June 30,
2026
2025
GAAP gross margin
71.7
%
69.9
%
Gross margin constant currency impact (1)
0.8
Constant currency gross margin (1)
72.5
%
Note:
(1) We define constant currency gross profit as GAAP gross profit excluding the impacts of foreign exchange rate fluctuations on net revenues and cost of net revenues.
GAAP gross margin and constant-currency reconciliation · Dépôt 29/07/2026
1,401
—
755
197
Legal settlements and contingencies (6)
(38,714)
—
(69,346)
(4,178)
Non-GAAP total operating expenses
$
521,450
$
497,608
$
1,044,543
$
998,335
GAAP income from operations
$
154,013
$
163,033
$
295,968
$
294,133
Stock-based compensation
45,560
48,208
86,484
93,205
Amortization of intangibles (1)
4,783
4,656
9,620
9,046
Restructuring and other charges (2)
(1,403)
—
(677)
2,056
Legal settlements and contingencies (6)
38,714
—
69,346
4,178
Gain on Assets held for Sale(3)
—
—
(11,699)
—
Depreciation on assets disposed of other than by sale (4)
—
—
15,599
—
Other non-GAAP items (5)
—
—
841
—
Non-GAAP income from operations
$
241,667
$
215,897
$
465,482
$
402,618
GAAP operating margin
14.6
%
16.1
%
14.1
%
14.8
%
Non-GAAP operating margin
22.9
%
21.3
%
22.2
%
20.2
%
- 21 -
Align Technology Announces Second Quarter 2026 Financial Results
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP net income before provision for income taxes
$
148,693
$
173,516
$
297,579
$
313,958
Stock-based compensation
45,560
48,208
86,484
93,205
Amortization of intangibles (1)
4,783
4,656
9,620
9,046
Restructuring and other charges (2)
(1,403)
—
(677)
2,056
Legal settlements and contingencies (6)
38,714
—
GAAP to non-GAAP reconciliation: operating income, margins and adjustments · Dépôt 29/07/2026
(6) During the second quarter 2026, we recorded approximately $37.5 million related to UK VAT contingency loss, and approximately $1.2 million related to legal settlements.
Reconciliation note: recorded second-quarter UK VAT contingency and legal settlements · Dépôt 29/07/2026
