Align Technology (ALGN) FY2024 results: revenue $4.0 billion, up 3.5% on the year

Align Technology Inc. (ALGN) reported revenue of $4.0 billion for fiscal 2024, the year ended 31 December 2024, up 3.5% on the year before. Net income was $421 million, down 5.3%, and diluted earnings per share $5.62. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$4.0 billion

+3.5% on the year

FY2017FY2024

Operating margin

15.2%

16.7% a year earlier

FY2017FY2024

Net income

$421 million

-5.3% on the year

FY2017FY2024

Diluted EPS

$5.62

-3.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,999	3,862	3,735	+3.5%
Cost of revenue	1,200	1,155	1,101	+3.8%
Gross profit	2,799	2,707	2,634	+3.4%
Gross margin	70.0%	70.1%	70.5%
Research and development	364	347	305	+5.0%
Selling, general and administrative	1,763	1,703	1,674	+3.5%
Operating income	608	643	643	-5.6%
Operating margin	15.2%	16.7%	17.2%
Pre-tax income	609	641	599	-5.0%
Income tax	188	196	237	-4.4%
Effective tax rate	30.8%	30.6%	39.6%
Net income	421	445	362	-5.3%
Net margin	10.5%	11.5%	9.7%
Diluted EPS	$5.62	$5.81	$4.61	-3.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	738	786	569	-6.1%
Capital expenditure	116	178	292	-35.0%
Free cash flow	623	608	277	+2.4%
Free cash flow margin	15.6%	15.7%	7.4%
Cash from investing	-255	-196	-213
Cash from financing	-356	-598	-502
Depreciation and amortisation	145	142	126	+1.8%
Share-based compensation	174	154	133	+12.8%
Buybacks	353	592	435	-40.4%
Diluted shares, weighted	75m	77m	78m	-2.1%
Shares outstanding at period end	74m	75m	77m	-1.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,852	3,630	3,601	+6.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	88.2	97.0	100	-9.0%
Other liabilities	2,274	2,356	2,246	-3.5%
Total liabilities and equity	6,215	6,084	5,948	+2.1%
Fixed assets	1,271	1,291	1,232	-1.5%
Goodwill	443	420	408	+5.5%
Intangible assets	103	82.1	95.7	+26.0%
Investments	0.0	43.3	99.5
Cash and equivalents	1,044	937	942	+11.4%
Receivables	996	903	860	+10.2%
Inventory	254	297	339	-14.4%
Other assets	2,103	2,110	1,973	-0.3%
Total assets	6,215	6,084	5,948	+2.1%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.