Align Technology (ALGN) Q4 FY2025 earnings: revenue $1.0 billion, up 5.3% on the year

Align Technology Inc. (ALGN) reported revenue of $1.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.3% on the same quarter a year earlier. Net income was $136 million, up 30.8% on the year, and diluted earnings per share $1.89. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$1.0 billion

+5.3% on the year · +5.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

14.8%

14.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$136 million

+30.8% on the year · +139.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.89

+36.0% on the year · +142.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 new.

Q4 revenue rose 5.3% year-over-year: Q4 total revenues were $1,047.6 million, up 5.2% sequentially and 5.3% year-over-year. Foreign exchange added about $14.8 million year-over-year.
Q4 results came in above expectations: Management said Q4 revenues, Clear Aligner volumes, and non-GAAP gross and operating margins came in above its own expectations.
Q4 Clear Aligner volume up 7.7%: Q4 Clear Aligner volume was 676.9 thousand cases, up 4.5% sequentially and 7.7% year-over-year. Clear Aligner revenue was $838.1 million, up 5.5%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,048	996	995	+5.2%	+5.3%
Cost of revenue	364	356	298	+2.1%	+22.0%
Gross profit	684	639	697	+6.9%	-1.9%
Gross margin	65.3%	64.2%	70.0%
Research and development	83.0	93.3	94.9	-11.0%	-12.5%
Selling, general and administrative	442	418	425	+5.7%	+3.9%
Operating income	155	96.3	144	+61.3%	+7.8%
Operating margin	14.8%	9.7%	14.5%
Pre-tax income	177	94.7	141	+86.4%	+25.4%
Income tax	40.8	38.0	37.0	+7.5%	+10.5%
Effective tax rate	23.1%	40.1%	26.3%
Net income	136	56.8	104	+139.2%	+30.8%
Net margin	13.0%	5.7%	10.4%
Diluted EPS	$1.89	$0.78	$1.39	+142.3%	+36.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	223	189	286	+18.3%	-22.0%
Capital expenditure	35.9	19.8	23.0	+81.8%	+56.4%
Free cash flow	187	169	263	+10.8%	-28.8%
Free cash flow margin	17.9%	17.0%	26.4%
Cash from investing	-35.9	-19.8	-53.9
Cash from financing	-97.4	-64.1	-203
Depreciation and amortisation	102	55.7	38.1	+83.1%	+167.5%
Share-based compensation	44.3	48.4	38.8	-8.5%	+14.0%
Buybacks	97.2	71.6	203	+35.9%	-52.1%
Diluted shares, weighted	72m	72m	74m	-0.9%	-3.6%
Shares outstanding at period end	71m	72m	74m	-0.9%	-3.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	4,049	3,957	3,852	+2.3%	+5.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	82.5	87.3	88.2	-5.5%	-6.5%
Other liabilities	2,102	2,189	2,274	-4.0%	-7.6%
Total liabilities and equity	6,234	6,234	6,215	+0.0%	+0.3%
Fixed assets	1,131	1,185	1,271	-4.5%	-11.0%
Goodwill	492	492	443	+0.1%	+11.1%
Intangible assets	93.9	98.7	103	-4.8%	-9.2%
Investments	n/a	n/a	0.0
Cash and equivalents	1,095	1,005	1,044	+9.0%	+4.9%
Receivables	1,102	1,099	996	+0.2%	+10.7%
Inventory	226	228	254	-0.8%	-11.0%
Other assets	2,093	2,127	2,103	-1.6%	-0.5%
Total assets	6,234	6,234	6,215	+0.0%	+0.3%

Questions

What was Align Technology's revenue in Q4 FY2025?

Align Technology (ALGN) reported revenue of $1.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.3% on the same quarter a year earlier.

How much did Align Technology earn in Q4 FY2025?

Net income for Q4 FY2025 was $136 million, up 30.8% on the year, and diluted earnings per share $1.89.

When did Align Technology report Q4 FY2025 results?

Align Technology filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,031	973	970	890	902	943	1,002	960	957	997	1,028	978	995	979	1,012	996	1,048	1,040	1,056	1,015
Cost of revenue	287	264	282	271	284	282	289	297	287	300	306	296	298	299	304	356	364	304	299	317
Gross profit	745	709	688	619	618	661	714	663	670	698	723	682	697	680	708	639	684	737	757	697
Gross margin	72%	73%	71%	70%	69%	70%	71%	69%	70%	70%	70%	70%	70%	69%	70%	64%	65%	71%	72%	69%
R&D	72.5	71.8	73.0	77.0	83.5	87.4	88.5	88.7	82.2	91.9	92.2	85.3	94.9	97.2	96.4	93.3	83.0	98.7	102	93.9
SG&A	451	439	426	399	410	440	453	408	403	452	452	434	425	448	449	418	442	465	463	411
Operating income	221	198	188	144	113	134	172	166	172	154	147	162	144	131	163	96.3	155	142	154	169
Operating margin	21%	20%	19%	16%	12%	14%	17%	17%	18%	15%	14%	17%	14%	13%	16%	10%	15%	14%	15%	17%
Pre-tax income	220	187	174	123	115	135	172	162	173	158	144	166	141	140	174	94.7	177	149	149	170
Tax rate	13%	28%	35%	41%	64%	35%	35%	25%	28%	34%	33%	30%	26%	34%	28%	40%	23%	24%	27%	21%
Net income	191	134	113	72.7	41.8	87.8	112	121	124	105	96.6	116	104	93.2	125	56.8	136	113	108	135
Net margin	19%	14%	12%	8%	5%	9%	11%	13%	13%	11%	9%	12%	10%	10%	12%	6%	13%	11%	10%	13%
Diluted EPS	$2.39	$1.70	$1.44	$0.93	$0.54	$1.14	$1.46	$1.58	$1.64	$1.39	$1.28	$1.55	$1.39	$1.27	$1.72	$0.78	$1.89	$1.57	$1.51	$1.90
Operating cash flow	273	30.5	127	266	145	200	252	287	46.9	28.7	160	264	286	52.7	129	189	223	151	193	183
Capital expenditure	109	87.3	76.0	75.3	53.2	64.1	58.5	21.6	33.4	9.4	53.5	29.8	23.0	25.3	21.5	19.8	35.9	30.8	35.7	45.0
Free cash flow	164	-56.8	51.0	191	91.5	136	193	266	13.5	19.3	106	234	263	27.4	107	169	187	120	157	138
Buybacks	100	75.0	200	0.0	160	292	0.0	0.0	300	0.0	150	0.0	203	201	96.0	71.6	97.2	31.2	66.9	103
Shares outstanding	79m	79m	78m	78m	77m	77m	77m	77m	75m	75m	75m	75m	74m	73m	72m	72m	71m	72m	71m	71m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.