Align Technology (ALGN) 10-K risk factor changes: FY2025 vs FY2024

*Our business, reputation, results of operations, financial condition, cash flows and stock price can be affected by a number of factors, whether currently known or unknown, or that we currently believe to be [removed: immaterial.][added: material.]

[removed: Our] [added: Global and regional economic conditions have and could in the future materially affect our] business, financial condition and results of [removed: operations depend on global and regional economic conditions.][added: operations.]

Consumer spending habits are affected by, among other things, [removed: inflation,] fluctuations in foreign currency exchange rates, [added: changes in] consumer [removed: confidence,] [added: confidence and demand, inflation,] general economic weakness, actual or potential slowdowns or recessions, [removed: pandemics, wars and military actions,] employment levels, [added: health insurance coverage,] wages, debt obligations, discretionary income, interest rates, [added: cultural and social influences, market] volatility [removed: in capital] and perceptions of current and future economic conditions.

Macroeconomic conditions [removed: can, among other things,] [added: impact consumer confidence and discretionary spending, which can] reduce or shift spending away from elective procedures, drive patients to pursue less costly orthodontic treatments, decrease the number of orthodontic case starts, reduce patient traffic in [removed: dentists’] [added: dental] offices, or reduce demand for dental services generally.

[removed: The declines in, or uncertain] [added: Uncertain] economic outlooks for, [added: or declines in] the [added: economic outlooks of, the] United States, Chinese, European and [removed: certain] other [removed: international] economies have and could in the future materially adversely affect consumer [added: demand] and dental practice spending.

[removed: Increases in] [added: Higher inflation, as well as] the cost of [removed: fuel] [added: fuel, energy] and [removed: energy,] [added: domestic and international shipping costs,] food and other essential [removed: items as well as higher interest][added: or discretionary items,]

[added: Higher interest] rates have and could in the future reduce consumers’ disposable income, which could cause a decrease in discretionary spending for our products.

[removed: Higher inflation has and may continue to increase domestic and international shipping costs,] raw material prices and labor rates, [added: has and may continue to rise,] which could adversely impact the costs of producing, procuring and shipping our products.

We may not be able to fully mitigate the impact of the increased costs or pass price increases on to our customers, [removed: resulting] [added: which could result] in downward pressure on our operating results.

While we forecast our balance sheet exposures to foreign currency fluctuations and utilize foreign currency forward contracts to moderate the impact of [removed: exchange rate] [added: currency] fluctuations on certain assets and liabilities, these contracts may not eliminate our [removed: exposure to fluctuations in foreign currency.][added: exposure.]

[removed: Our] [added: Geopolitical events, tariffs and trade policies, and military conflicts have and could in the future materially affect our] business, financial condition and results of [removed: operations could be impacted by geopolitical events, tariffs, trade and international disputes, wars, military actions and terrorism, or major public health crises.][added: operations.]

Geopolitical events, [removed: tariffs, trade and international disputes,] wars, military [removed: actions and] [added: actions,] terrorism, or major public health crises have and could in the future harm or disrupt international commerce and the global economy, and could materially adversely affect our [removed: business with our customers and consumers, suppliers, contract manufacturers, distributors and other business partners.][added: business.]

Such events have and could result in, among other things, supply chain and trade disruptions, changes in diplomatic and trade relationships, new [removed: tariffs] and retaliatory tariffs, trade protection measures, [added: quotas, embargoes,] trade [removed: sanctions,] [added: sanctions and countersanctions,] customs [removed: inquiries] [added: investigations] or restrictions, boycotts, reduced consumer spending, government [removed: shut downs,] [added: shutdowns,] cyberattacks, energy shortages or power outages, energy rationing that adversely impacts our manufacturing facilities, rising fuel or rising costs of producing, procuring, and shipping our products, constraints, volatility or disruption in the financial markets, [added: employee] deaths or [removed: injuries to our employees,] [added: injuries,] restrictions and shortages of food, water, shelter and medical supplies, data or information exchange, disruptions, interruptions or limitations in telecommunication services, critical systems or applications reliant on a stable and uninterrupted communications infrastructure, and protests that may impact delivery of our products to customers or destruction of property.

[removed: Specifically,] [added: For example,] we manufacture clear aligners in our facility in Mexico and ship them to the United States, primarily for our United States [removed: customers] [added: customers,] with the remainder eventually [removed: shipping] [added: shipped] to other international locations.

Foreign countries [added: have and] may [removed: also] [added: continue to] adopt [removed: or rescind] other [removed: measures,] [added: measures] such as controls on the import or export of goods, technology or data, including personal data, [removed: that] [added: which] could adversely impact our operations and supply chains or limit our ability to offer certain products [removed: and] [added: or] services.

[removed: These measures could require us to] [added: We may] take various [removed: actions,] [added: actions in response to these measures,] including changing suppliers, where we manufacture our products, or restructuring business relationships.

[removed: Complying with new or revised trade restrictions] [added: Such actions] may be expensive, time-consuming, disruptive to our logistics and operations, [added: irreversible,] and more costly for us and our customers.

[removed: Such] [added: Trade] restrictions may be announced with little or no advance notice and we may be unable to effectively mitigate any adverse impacts in a timely manner or at all.

Military [removed: conflicts] [added: conflicts, wars, and escalation of terrorist or gang activities] have and may in the future materially adversely impact the economies in which we operate.

Our iTero operations, headquartered in Israel, are close to areas that have been affected by [removed: ongoing violence and military action, which may impact our employees and our iTero business] [added: the conflict between Israel] and [removed: operations.][added: Hamas.]

Our supply chains and demand for our products could be impaired as a result of [added: political instability, drug trafficking, the continuation or escalation of terrorist or gang activities (particularly with respect to our manufacturing operations in Mexico),] hostilities, export and import restrictions, sanctions or boycotts.

These events could disrupt ongoing operations and may materially impact the logistics, timing and cost of shipping of our products and materials or our ability to operate out of impacted [removed: areas.][added: areas, and our ongoing contingency planning and business continuity measures to mitigate these risks may not be sufficient.]

We cannot predict the progress or outcome of these events or the reactions by governments, businesses or consumers and each event could, individually or in the aggregate, materially adversely affect our business, financial [removed: condition,] [added: condition] and results of operations.

[removed: Our operations may be impacted by natural disasters, which may become more frequent or severe as a result of climate change, and] [added: Natural disasters] may adversely impact our business, financial condition and results of operations, as well as those of our customers and consumers, suppliers, contract manufacturers, [removed: distributors] [added: commercial intermediaries] and other business partners.

Natural disasters [removed: such as earthquakes, tsunamis, floods, droughts, hurricanes, wildfires, urban fires] and extreme weather conditions [added: (including those caused by climate change)] can cause deaths, injuries and major public health crises, power outages, property damage, restrictions and shortages of food, water, shelter and medical supplies, telecommunications failures, materials scarcity, price volatility and other adverse consequences.

Climate change could increase the frequency and severity of natural disasters [removed: and] [added: such as hurricanes, tornadoes, earthquakes, wildfires, droughts, extreme temperatures, or flooding which] could [removed: change the supply,] [added: cause supply chain interruptions, increase] demand [removed: or] [added: and negatively impact] availability of sources of energy or resources material to manufacturing our products and [removed: operations.][added: operations, or cause damage to our products and facilities.]

It could also affect the availability or cost of materials, goods, and services on which we and our suppliers, contract manufacturers, [removed: distributors] [added: commercial intermediaries] and other business partners rely, which could materially adversely impact our business, financial condition and results of operations.

Demand for our products and services may not increase or may decrease for many reasons, including resistance to the innovative and business-model-disruptive nature of some of our products and [removed: services, which could have a material impact on our business, financial condition and results of operations.][added: services.]

Increased acceptance of our products and services depends in part on the recommendations of dental professionals, professional associations, societies and organizations, as well as other factors, including efficacy, safety, ease of use, reliability, aesthetics, third-party [removed: reimbursement and] [added: reimbursement,] price compared to [removed: competing products and] traditional treatment [removed: methods.][added: methods and competing products, and perceptions regarding single-use or non-recyclable plastics.]

Our net revenues depend primarily on sales of the Invisalign System and iTero intraoral scanners and declines in [removed: sales] [added: volume] or the average selling price (“ASP”) [removed: of these products] may adversely affect net revenues, gross profit, [added: operating profit] and net income.

Of the two, we expect the Invisalign System to continue to represent the majority of our net [removed: revenues, making sales of it] [added: revenues and remain] critical to our success.

The ASPs of our products, particularly the Invisalign System, are influenced by numerous factors, including the mix of product treatment packages, geographical mix, channel mix and timing of products [removed: sold (particularly the timing] [added: sold, promotions] and [removed: quantity of orders for additional clear aligners for certain Invisalign products)] [added: discounts, inflation] and foreign currency exchange rates.

- we introduce new or change existing products or services, or modify how we [removed: market] [added: market, lease] or sell any of our new or existing products or services;

[removed: To stimulate product and services demand, we] [added: We] have a history of offering volume discounts, price [removed: reductions,] [added: reductions] and other promotions to targeted customers and consumers and releasing lower priced [removed: products.][added: 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.]

[removed: Competition in the markets for our products and services] [added: The dental industry] is [removed: increasing] [added: experiencing immense] and [added: rapid digital transformation and] we [removed: expect aggressive competition from] [added: may be unable to compete with] existing [removed: competitors, other] [added: competitors and emerging] companies that introduce new technologies, products or [removed: services in the future,] [added: services,] and customers who alone or with others create orthodontic appliances and solutions or other products or services that compete with [removed: us.][added: us.]

[added: While our product portfolio facilitates this transition, our competitors may render our technology or products obsolete or economically] unattractive, particularly as competitors incorporate AI and machine learning into new or existing services and technologies that facilitate changes in doctor-patient interactions, expectations and treatment workflows.

[removed: We may be unable to devote adequate] financial resources to develop or acquire new AI technologies and systems in the future and sufficiently meet evolving industry trends and consumer demands.

Our competitors also include DTC companies that provide clear aligners using a business model requiring little [removed: or] [added: to] no in-office care from trained and licensed doctors, and doctors and DSOs who manufacture custom aligners [removed: in their offices using 3D printing technology.][added: or procure products from third-party white-label providers.]

Orthodontists, GPs and DSOs have and may continue to sample competitive and alternative [removed: products and] [added: products,] take advantage of competitive promotions and sale [removed: opportunities.][added: opportunities, or engage in “bait and switch,” “margin steering” or similar practices that take advantage of the significant brand recognition of Invisalign to offer alternative products.]

Our [added: iTero intraoral] scanners compete with polyvinyl siloxane impressions and numerous new [removed: or] [added: and] existing intraoral [removed: scanners,] [added: scanners and traditional impression methods,] as well as traditional bite wing 2D dental [removed: x-rays] [added: X-rays and dental imaging systems that leverage NIRI technology and AI] for detecting interproximal caries.

For instance, decreased demand for dental services has and may in the future cause doctors and labs to revert to wires and brackets and postpone investments in capital equipment.

We are subject to foreign currency exchange fluctuations, which could have a material adverse effect on our financial condition or results of operations.

Such events may also cause a shift in public opinion about companies based in the United States or in the regions where we operate or plan to operate, which could adversely impact our reputation and business.

Tariffs or proposed tariffs, customs duties, or fees, and any retaliatory tariffs, international trade disputes, or protectionist trade measures taken in response to such tariffs may increase the cost of our products and the components or the raw materials used to make them, reduce demand for our products and adversely impact our gross margin and results of operations, limit our ability to sell to certain customers, limit or prohibit the availability of certain raw materials, components and parts necessary for our products or the products of our suppliers, or impede or slow the movement of our goods across borders.

For example, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, to determine the effects on the national security of imports of personal protective equipment (PPE), medical consumables, and medical equipment including devices.

A significant portion of the products we sell, and the components and raw materials used in our products are originally manufactured or sourced outside the United States.

Tariffs have and could in the future result in additional costs for our products, which may reduce demand for our products and adversely impact our gross margin and results of operations, and we may not be able to fully or substantially mitigate the impact of any new or increased tariffs or pass price increases on to our customers and to the extent we do, we may experience reduced demand for our products.

The extent and duration of any tariffs and the resulting impact on general economic conditions and on our business, financial condition and results of operations are uncertain.

Additionally, negative experiences with clear aligner products manufactured or distributed by competitors may adversely affect our reputation and demand for the Invisalign System if consumers or dental professionals attribute these negative experiences to clear aligner therapy generally, even if our products differ significantly in design, quality, and clinical effectiveness.

Competition in the markets for our products and services is increasing.

We may be unable to devote adequate

We also face competition from traditional products and services, such as wires and brackets, which doctors have historically been able to purchase at a lower price point.

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.

- new, proposed or retaliatory tariffs; and

Our results of operations may be adversely affected if doctors at DSOs, orthodontic service organizations (“OSOs”) or other large group practices reduce, delay, or do not increase their purchasing of our products and services in ways that reduce adoption of our products and services.

DSOs, OSOs and other large group practices have become an increasingly important channel for adoption of our products and services.

If doctors at DSOs, OSOs or other large group practices reduce, delay, or do not expand their purchasing of our products and services, or otherwise change priorities, protocols, or workflows in ways that reduce utilization of our products, demand for our products and services may not increase or may decrease, which could have a material impact on our business, financial condition and results of operations.

In addition, on behalf of the doctors in their affiliated practices, DSOs and other large group practices may have greater leverage to negotiate pricing, volume‑based discounts, rebates, extended payment terms, or other commercial concessions, which could adversely affect our ASPs, gross margins and profitability.

This entails certain risks, including operational disruptions, such as our ability to continue developing and updating

Various internal and external factors can impact our ability to hire and retain talent, including our compensation and benefit arrangements, advancement or career opportunities at our organization, and our past and any future restructuring efforts, such as the restructuring plans we have implemented in each of the past three fiscal years, and most recently in the third quarter of 2025.

Additionally, approximately 91% of our employees are located internationally, and restrictive immigration or travel policies or legal or regulatory developments relating to immigration in the United States and other countries may negatively affect our efforts to attract, motivate, train or retain qualified personnel.

Organizational changes, such as our past and any future restructuring efforts, such as the restructuring plans we have implemented in each of the past three fiscal years, and most recently in the third quarter of 2025, may increase attrition and adversely impact our ability to successfully attract, motivate, and retain key personnel.

In September, 2025, we required most of our employees to return to working five days per week in the office for most locations, which could impact our ability to attract and retain qualified personnel, particularly if companies that we compete with for talent have adopted work policies and arrangements that our employees may consider to be more appealing.

reputation harmed, any of which could materially affect our business, financial condition and results of operations.

The harm of negative publicity, particularly on social media platforms, may be immediate, without affording us an opportunity for redress or correction.

For more information, see Note 8 “Legal Proceedings” of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

Antitrust considerations may also hinder our ability to settle such matters on favorable terms, as certain types of settlement agreements may be subject to heightened scrutiny by antitrust authorities.

In the E.U., for instance, antitrust regulators closely monitor settlement agreements for compliance with competition laws, adding another layer of complexity and potential risk to these proceedings.

It takes significant time, effort, and expense to obtain and maintain clearances and approvals of products and

We are subject to various laws relating to privacy, data protection, data governance and cybersecurity, and face risks related to the data we collect, process, and share.

Any failure or perceived failure by us or our vendors, customers, or service providers to comply with applicable privacy and data protection laws or to adequately safeguard personal data or patient healthcare information, even if unfounded, may result in regulatory investigations, enforcement actions, litigation (including class actions), and financial penalties, any of which could materially affect our operations and financial performance.

The costs associated with cybersecurity tools and infrastructure and competition for scarce cybersecurity and IT resources could limit our ability to identify, eliminate or remediate cybersecurity or other security vulnerabilities or problems or enact changes to minimize the attack surface of our network.

Our operations are subject to rapidly changing and varied expectations and requirements regarding Sustainability issues from a wide range of stakeholders, such as governmental and self-regulatory organizations, including U.S. federal and state governments, and the EU, as well as investor advocacy groups, institutional investors, investment funds, proxy advisory services, stockholders and customers.

We are also required to comply with disclosure obligations under the SEC’s long-standing climate change disclosure guidance and other SEC regulations, as well as the European Union’s Corporate Sustainability Reporting Directive (“CSRD”).

We have and are continuing to incorporate AI and machine learning technologies into certain of our products, services and IT systems, while continuing to explore the opportunities that AI could bring to our company.

Our or our vendors’ AI technologies may be developed using inaccurate, incomplete, flawed or biased algorithms, training methodologies or data, which could lead to the dissemination of false information and result in competitive harm, regulatory penalties, legal liability, or brand or reputational harm.

AI is subject to a dynamic and rapidly evolving legal and regulatory environment, which, without appropriate review, governance and risk management, could expose us to unforeseen legal or regulatory scrutiny and liabilities.

For example, the U.S. AI regulatory framework remains in development and has been introduced at the federal level through executive orders and legislation has been introduced and enacted at the state level.

Additionally, as we offer more third-party AI models in our solutions, we face risks inherent in how third-party AI models used in our solutions have been developed and deployed, including situations in which the third party may lack a proper license or consent for the training data used for their model.

The use and availability of third-party AI models in our solutions could result in scrutiny and legal liability, including intellectual property infringement claims.

Inflation, fluctuations in foreign currency exchange rates, changes in consumer confidence and demand, general economic weakness and actual or potential slowdowns or recessions have and could in the future materially affect our business, financial condition, and results of operations.

Macroeconomic conditions impact consumer confidence and discretionary spending, which can adversely affect demand for our products.

Further, decreased demand for dental services can cause dentists and labs to postpone investments in capital equipment, such as intraoral scanners and CAD/CAM equipment and software.

Our products or one or more of the materials or components of our products may also be subject to tariffs imposed by the United States or other countries.

Tariffs or proposed tariffs, such as those on Chinese, Mexican, Canadian or other foreign goods, and any retaliatory trade measures in response may increase the cost of our products and the components and raw materials used to make them.

Tariffs would result in additional costs for our products, which may impact operating margin, reduce demand for our products and adversely impact our gross margin.

Some employees and consultants in Israel have been called for military service in the current conflict and they may be absent for certain periods of time.

Furthermore, our facilities may be damaged or our manufacturing capability or delivery schedules may be impacted as a result of the ongoing conflict.

These promotional campaigns and lower-priced products have had, and may in the future have, unexpected and unintended consequences, including reduced net revenues, gross margins, operating margin and net income, ASPs and volume.

The dental industry is experiencing immense and rapid digital transformation.

While solutions such as the Invisalign System, iTero intraoral scanners, CAD/CAM software and digital platform facilitate this transition, we face competition from companies that seek to introduce new technologies and products and companies that remain dedicated to traditional products.

We may be unable to compete with these competitors or they may render our technology or products obsolete or economically

Our iTero intraoral scanners are also facing increased competition from new and existing competitors.

Our success depends on our ability to quickly and profitably develop, manufacture, market, and obtain and maintain regulatory approval or clearance of new, improved or refurbished products and services.

We cannot assure successful development, sales or acceptance of our products and services.

- cost-effectively and efficiently develop, manufacture, quality test, market, dispose of and sell new or improved products and services, including localized versions for international markets;

In general, our internal resources support these initiatives without clear indications they will prove successful or be without short-term execution challenges.

If we make such investments or complete acquisitions, we may not ultimately strengthen our competitive position or achieve desired synergies and integration.

Investments or acquisitions we complete could be viewed negatively and may lead to negative ratings by analysts or investors, or give rise to stockholder objections or activism, which could disrupt our operations or harm our stock price.

- fail to comply with regulations, governmental orders or decrees;

Our quarterly and annual operating results have and will continue to fluctuate for a variety of reasons.

Specifically, our manufacturing process relies on sophisticated computer software and requires new technicians to undergo a long training process, often 120 days or longer.

Additionally, production levels for our iTero intraoral scanners are generally based on forecasts and historic demand and we often place orders with suppliers for materials, components, sub-assemblies and finished products weeks or more in advance of projected orders.

If we do not hire and train the appropriate number of technicians in anticipation of demand, our costs and expenditures may not align with our revenues or revenue growth.

Additionally, to secure supplies for production of products, we periodically enter into non-cancelable minimum purchase commitments with vendors,

which could impact our ability to adjust inventory for declining demand.

In addition, we may be required to purchase or lease additional or larger facilities and equipment to manage demand.

This variability and unpredictability could also result in our failing to meet the expectations of industry, financial analysts or investors.

We are subject to operating risks, including excess or constrained capacity, operational inefficiencies and pressure on our internal systems, personnel and suppliers.

Our IT systems are critical to our business.

All software and IT systems are vulnerable to damage, cybersecurity attacks, or interruptions or other disruptions from a variety of sources, including rapidly developing AI technologies.

The success of our Systems and Services segment depends on the quality and reliability of our products.

We maintain single and sole supply relationships for many of these machines and materials.

Our success depends on our personnel.

We are highly dependent on the talent and efforts of our personnel.

We strive to retain our personnel by providing competitive compensation and benefits, development opportunities and training, flexible work options and an inclusive corporate culture.

Our compensation and benefit arrangements may not successfully attract new personnel or retain and motivate existing personnel.

In addition, other internal and external factors can impact our ability to hire and retain talent, including insufficient advancement or career opportunities, in office or hybrid work policies and restrictive immigration policies.

We provide significant training to our personnel and our business will be harmed if our training fails to properly prepare them to perform the work required, we are unable to successfully instill technical expertise in new and existing personnel, or if our techniques prove unsuccessful or are not cost-effective.

It can take 12 months or more to train sales representatives to successfully market and sell our products and services and for them to establish strong customer relationships.

A discussion regarding our financial condition and results of operations for fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023] [added: 2024] is presented under Results of Operations of this [added: Annual Report on] Form 10-K.

Discussions regarding our financial condition and results of operations for fiscal [removed: 2023] [added: 2024] compared to [removed: 2022] [added: 2023] have been omitted from this Annual Report on Form 10-K, but can be found in [removed: *"Item] [added: “*Item] 7.

[removed: Management's] [added: Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations"*] [added: Operations”*] in our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2023,] [added: 2024,] filed with the SEC on February 28, [removed: 2024,] [added: 2025,] which is available without charge on the SEC’s website at *www.sec.gov* and on our investor relations website at *investor.aligntech.com*.

Our growth strategy depends on our ability to facilitate the digital transformation of [removed: dentistry happening around the world,] [added: dentistry,] our continuous focus on innovation, and expansion to meet and exceed evolving customer expectations as the array of products and services available to them increases.

- Continuing penetration and adoption of [removed: Invisalign] [added: Invisalign®] clear aligners, [added: iTero Element™ and Lumina™] intraoral scanners and [added: exocad™] CAD/CAM solutions in international markets by investing in manufacturing operations, research and development, clinical treatment planning, sales and marketing and building our quality and regulatory capabilities in existing and emerging markets globally.

[removed: For instance, we have] [added: Our] fabrication facilities in [added: our] three key regions [removed: as a part of] [added: and treatment planning operations in targeted regional geographies brings] our [removed: strategy to bring operational facilities] [added: operations] closer to [added: our] customers [added: and enables us] to serve them more quickly and respond to their needs more [removed: effectively as well as new treatment planning operations in targeted regional geographies.][added: effectively.]

We furthermore demonstrate to GPs and orthodontists how the iTero portfolio of intraoral scanners, products like Invisalign Go™ treatment, and [added: exocad™] CAD/CAM restorative services and workflows can increase revenues and profitability for their dental practices by enhancing patient experiences and creating operational practice efficiencies.

We have well established relationships with many DSOs globally that recognize the benefits of digital workflows enabled by our portfolio of products and services that make up the AlignTM Digital Platform, including increased practice efficiency and profitability, as well as delivering a better patient experience from shorter cycle times [removed: and] [added: to] customer proximity.

We have and may continue to financially invest in or explore collaborations with key ecosystem partners, including DSOs, whose missions and visions align with our [removed: own] vision, strategy, business model and goals.

- Creating demand and enabling patient conversion with targeted investments in advertising and public relations through [added: television, film, print,] social [removed: media,] [added: media and alliances with professional sports teams, athletes, social media] influencers and other [removed: forms of digital communications] [added: strategic partners,] to encourage treatment by Invisalign trained doctors.

To increase awareness and educate young adults, parents and teens about the benefits of Invisalign treatment, in [removed: 2024,] [added: 2025,] we continued to invest in and create campaigns across markets in media platforms such as TikTok, Instagram, YouTube, SnapChat, WeChat, and Douyin.

We expect to make further investments to [removed: create] [added: stimulate] additional demand for Invisalign System treatment [removed: driving] [added: and drive] more consumers to dental professionals for those treatments.

Similarly, in [removed: 2024,] [added: 2025,] we continued our focus on our doctor subscription plan and grew our underpenetrated share of the retainer business through strategic marketing campaigns focused on driving adoption and increasing market share.

In addition, the teenage and younger market makes up [removed: about] [added: approximately] 70% of the [removed: approximately] [added: estimated] 22 million total annual global orthodontic case starts.

We [added: furthermore] continue to emphasize the benefits of the Invisalign System for teenage and younger patient treatments through education, training and sales and marketing programs.

[removed: Our revenues are susceptible to fluctuations resulting from] [added: These] events and [removed: circumstances, including] [added: circumstances include, but are not limited to,] macroeconomic conditions, fluctuations in foreign currency exchange rates, [removed: inflation, higher interest rates, actual and threatened wars and military actions, threats] [added: tariffs] or [removed: actual imposition of] [added: proposed] tariffs, customs duties [removed: and fees by nations] [added: or fees,] and [added: any] retaliatory [removed: actions, threats of] [added: tariffs] or [added: protectionist trade measures taken in response to such tariffs or as a result of trade and international disputes, inflation, elevated interest rates,] actual [added: or potential] slowdowns or recessions, [added: wages, employment levels and health insurance coverage, debt obligations, discretionary income,] supply chain challenges, market volatility, [removed: employment levels, wages, debt obligations, discretionary income] and other [removed: factors, each of which impacts customer confidence, consumer sentiment and demand.][added: factors.]

Many of these [removed: same] factors [removed: also impact our costs and those of our suppliers through] [added: may contribute to, among other things,] higher raw material prices, [added: increased] transportation [removed: costs,] [added: and] labor costs, [added: and interruptions in] supply and distribution [removed: operations.][added: operations, each of which can also impact the availability of certain raw materials, parts and components used in our products as well as our costs and those of our suppliers.]

[removed: Additionally,] [added: More directly, we believe] government actions [removed: in various countries] relating to [removed: implemented] [added: actual] or proposed [removed: tariffs,] [added: tariffs and retaliatory actions in key strategic countries or regions,] particularly [added: in] the United States, China, [removed: Mexico,] [added: Europe, Brazil, Canada, Israel] and [removed: Europe are expected to] [added: Mexico may] adversely impact our revenue and cost of goods [removed: sold if implemented.][added: sold.]

The degree of our exposure [removed: is dependent] [added: depends] on, among other things, the type of goods subject to any tariffs [added: or trade restrictions] enacted, the tariff rates [added: or limits] imposed, the timing of the tariffs [added: or restrictions] and any [added: other] retaliatory measures enacted.

The impact [removed: of declining demand] may vary by time and region, making operational results uncertain and difficult to predict.

We continue to closely monitor the foregoing issues, assess their potential impact on our operations and financial results, and implement plans to [added: seek to] mitigate the impact of any adverse events.

In [removed: 2024,] [added: 2025,] the U.S. dollar remained [removed: strong] [added: weakened] against major currencies, which [removed: negatively] [added: positively] impacted our financial condition and results of operations for the year.

Foreign exchange volatility and the subsequent strengthening or weakening of the [removed: U.S] [added: U.S.] dollar against other currencies remains uncertain and unpredictable.

[removed: For instance, ongoing conflicts in the Middle East may further exacerbate general and regional macroeconomic instability,] [added: This is] particularly [added: true] if fighting [added: erupts,] intensifies, spreads to other locations, creates shipping and logistical challenges or cost increases, leads to sanctions or boycotts, or otherwise [removed: may] materially [removed: impact] [added: impacts] our [removed: operations.][added: operations or consumer spending.]

[removed: For instance, our] [added: Our] iTero business is headquartered in Israel and, although the sales, delivery times and cost of shipping [removed: our][added: have not been materially impacted to date, the situation remains fluid.]

As the markets for clear aligners and digital processes and workflows used to transform the practice of dentistry continue to mature, we [removed: continue to] anticipate customer and patient expectations and demands will continue to evolve.

This may result in larger and unpredictable variations in geographic and product mix and selling [removed: prices with] [added: prices, which could result in] uncertain [removed: implications] [added: impacts] on our financial statements and business operations.

We strive to manage the challenges [removed: from] [added: presented by] the [added: foregoing] trends and uncertainties, including the macroeconomic conditions, tariffs and retaliatory measures, military conflicts and the evolution of our target markets, by focusing on improving our operations, further increasing flexibility and efficiencies in our processes, adjusting our business models to changing circumstances and offering products that meet market demand.

Specifically, we are managing financial impacts [removed: through] [added: by implementing] strategic product innovations, introductions and pricing actions, implementing cost saving measures and evaluating hiring needs.

We measure our performance against [removed: these] [added: the foregoing] strategic priorities by the achievement of key financial and operating metrics.

For the year ended December 31, [removed: 2024,] [added: 2025,] our business operations reflect the following:

◦Revenues of [removed: $3,999.0] [added: $4,035.0] million, an increase of [removed: 3.5%] [added: 0.9%] year-over-year;

◦Clear Aligner revenues of [removed: $3,230.1] [added: $3,245.4] million, an increase of [removed: 1.0%] [added: 0.5%] year-over-year;

[removed: ▪Clear] [added: ◦Clear] Aligner [added: case] volume increase of [removed: 3.5%] [added: 4.7%] year-over-year and Clear Aligner volume increase for [removed: kids and] teens [removed: of 7.7%] [added: and growing patients from 868.1 thousand shipments to 935.8 thousand or 7.8%] year-over-year;

◦Imaging Systems and computer-aided design and computer-aided manufacturing (“CAD/CAM”) [removed: Services] [added: services] revenues of [removed: $768.9] [added: $789.6] million, an increase of [removed: 16.0%] [added: 2.7%] year-over-year;

*◦*Income from operations of [removed: $607.6] [added: $545.8] million and operating margin of [removed: 15.2%;][added: 13.5%;]

◦Effective tax rate of [removed: 30.8%;][added: 29.9%;]

◦Net income of [removed: $421.4] [added: $410.4] million with diluted net income per share of [removed: $5.62;][added: $5.65;]

◦Cash and cash equivalents of [removed: $1,043.9] [added: $1,094.9] million as of December 31, [removed: 2024;][added: 2025;]

◦Cash provided by operating activities of [removed: $738.2] [added: $593.2] million;

Our Strategic Growth Drivers

We strive to help our doctor customers move their practices forward by connecting them with new patients, providing digital solutions to help increase practice efficiency and helping them deliver the best possible treatment outcomes and experiences to millions of people around the world.

We strive to achieve this through our continued focus on, and execution of, our strategic growth drivers:

International Expansion: Continually increasing the presence of our operations and commercial organization globally, expanding our products and service offerings and training and educating more doctors in more markets.

General Practitioner dentists (“GP”) treatment: Making teeth straightening more relevant for GPs by enabling them to effectively scan, identify, treat, and monitor malocclusion.

Patient Demand: Making the Invisalign® system the most recognized brand name in orthodontics by creating awareness and preference among consumers and motivating potential patients to start treatment.

Orthodontist Utilization: Continually innovating in digital orthodontics to increase product applicability and predictability to address a range of malocclusion, especially for teens and growing patients, enabling doctors to confidently diagnose and treat more patients.

For instance, in 2025, we announced several new enhancements to the AlignTM Digital Platform, including (i) restorative capabilities to our iTero Lumina™ intraoral scanner (without iTero NIRI technology) and the new iTero Lumina™ Pro dental imaging system (with iTero NIRI technology), and (ii) iTero Digital Solutions, a comprehensive ecosystem that includes intraoral scanners and integrated software tools, including enhancements to the Align™ Oral Health Suite, Invisalign® Outcome Simulator Pro with ClinCheck® Smile Video, and the iTero™ Design Suite.

Additionally, we continue to invest in AI infrastructure, specialized talent, and strategic partnerships to further enhance the capabilities of the Align™ Digital Platform and differentiate our product portfolio from traditional and emerging competitors.

We believe our commitment to AI can unlock new and adjacent market opportunities, and sharpen our operational focus and capital efficiency by driving automation, scalability, and productivity across our operations, while enabling doctors and their patients to benefit from more efficient and predictable treatment experiences.

We maintain governance frameworks, internal controls, and oversight mechanisms designed to promote responsible AI development and deployment, mitigate associated risks, and ensure alignment with applicable laws.

We offer early interceptive treatment to this patient population with products designed to acclimate them to wearing removable devices.

Included in these treatments are the Invisalign First Phase 1 Package, designed specifically for younger patients generally between the ages of six and ten.

Also included are Invisalign Palatal Expanders, a series of removable devices that treat the most common skeletal and dental malocclusions in growing children, and the Invisalign System with mandibular advancement featuring occlusal blocks, which addresses Class II skeletal and dental correction for growing patients in the late mixed or early permanent dentition stages (ages 10-16).

In 2025, a record number of teens and kids started treatment with Invisalign clear aligners.

*Macroeconomic Challenges, Trade Impediments and Geopolitical Tensions*

Our revenues may fluctuate as a result of events and circumstances impacting customer confidence, consumer sentiment, discretionary spending and ultimately demand for dental services and our products.

For more information on events and circumstances that could impact our revenues, refer to Part II, Item 1A “Risk Factors—Macroeconomic and External Risks.”

For example, we believe that in the beginning of the second quarter of 2025, sales of our products were adversely impacted compared to the same period in prior years by certain macroeconomic conditions, including global tariff volatility, inflation, and higher interest rates, which we believe may continue to impede dental patient demand.

For example, patient traffic growth has been uneven for many doctors, with orthodontic starts down for four consecutive years.

We believe uncertainty not only impacts consumer purchasing decisions but also the decisions and recommendations that doctors make, especially doctors who offer both clear aligners and wires and brackets in their practices and have the additional time to treat patients with wires and brackets when orthodontic starts are slowing or diminishing.

We believe this has resulted in an increase in orthodontic starts using wires and brackets in lieu of clear aligners that was more pronounced in the second quarter of 2025.

However, we believe these trends are continuing and will impede future sales for so long as consumer economic uncertainty persists, particularly to the extent it impairs discretionary spending.

We also anticipate the geopolitical conflicts involving Ukraine, the Middle East, China and other regions will continue to add to market uncertainties and dampen consumer sentiment and demand.

Additionally, the trade war and geopolitical tensions between the United States and China may result in the limitation or prohibition of the availability of certain raw materials, components and parts necessary for our products or the products of our suppliers.

These events may also cause a shift in public opinion about companies based in the United States and this may have an adverse impact on our reputation and business.

For instance, the ongoing conflict in Ukraine and unstable environment in the Middle East, as well as increased geopolitical tensions involving Taiwan and the South China Sea may further exacerbate general and regional macroeconomic instability.

We have implemented contingency planning and business continuity measures to mitigate these risks, but it is uncertain whether further escalation could disrupt our operations.

*2025 Restructuring*

Beginning in the third quarter of 2025 and continuing into the fourth quarter, we initiated a series of restructuring actions to streamline our operations, realign parts of our organization, and optimize our global manufacturing footprint in response to the current macro environment.

These actions included realigning certain business groups and reducing our global workforce, disposing of certain manufacturing assets prior to the end of their useful lives, and committing to the sale of a manufacturing facility and related assets.

As part of these restructuring efforts, we incurred $41 million of expenses through December 31, 2025, primarily related to involuntary termination benefits, including employee severance and other post‑employment costs.

We also recorded $76.9 million of accelerated depreciation associated with certain manufacturing assets we planned to dispose of other than by sale.

In addition, we undertook actions to optimize our manufacturing footprint, including the planned sale of our manufacturing facility in Juarez, Mexico, consisting of land, building, and building improvements (the “disposal group”).

During the third quarter of 2025, we determined that the disposal group met the criteria for classification as held for sale under ASC 360‑10.

Accordingly, the disposal group was measured at its fair value less estimated costs to sell, resulting in an impairment charge of $23.1 million.

As of December 31, 2025, we had $28.0 million of assets classified as held for sale.

We may incur additional costs not currently contemplated due to events related to or resulting from these restructuring actions.

Refer to *Note 1 “Summary of Significant Accounting Policies,” Note 17 “Restructuring and Other Charges,” and Note 18 “Assets Held for Sale,” in the Notes to Consolidated Financial Statements* for further discussion.

For example, we have and may continue to experience a shift from certain products with higher ASPs to those with lower ASPs.

Our strategic priorities focus on four principal pillars for growth: (i) international expansion; (ii) general dental practitioners (“GP”) treatment; (iii) patient demand; and (iv) orthodontic utilization.

In 2024, we had record shipments to teenage and younger patients.

*Macroeconomic Challenges and Military Conflicts in Ukraine and the Middle East*

During 2024, we believe sales of our products were adversely impacted by macroeconomic conditions that negatively affected disposable income and consumer demand.

We believe this trend will continue in 2025.

We also expect the military conflict between Russia and Ukraine to continue to create market uncertainties and dampen consumer sentiment and demand, particularly in Europe.

products have not been materially impacted and we have put measures in place to help reduce the future risks, it remains uncertain if there will be impacts on our sales, delivery times or cost of shipping our products.

As an example, there was significant adoption of the Invisalign Comprehensive 3in3 product after it was introduced in 2023 that continued in 2024.

The 3in3 configuration offers doctors Invisalign Comprehensive treatment with a three-year treatment expiration date and three additional clear aligners included prior to the treatment expiration date.

The 3in3 product also allows us to recognize more revenue up front while doing so at a lower price as compared to our traditional Invisalign comprehensive product that has a five-year treatment expiration date with unlimited additional clear aligners prior to the treatment end date.

*▪*Americas Clear Aligner case revenues of $1,426.3 million, a decrease of 2.5% year-over-year;

▪International Clear Aligner case revenues of $1,500.5 million, an increase of 3.5% year-over-year;

Management measures these results by comparing to the millions of people who can benefit from straighter teeth and uses this data to target opportunities to expand the market for orthodontics by educating consumers about the benefits of straighter teeth using the Invisalign System.

- *North America:* The utilization rate among our North American orthodontist customers was 95.0 cases per doctor in 2024 compared to 94.5 cases per doctor in 2023 and 94.9 cases per doctor in 2022 and the utilization rate among our North American GP customers was 14.3 cases per doctor in 2024 compared to 14.0 cases per doctor in 2023 and 13.9 cases per doctor in 2022.

- *International:* International doctor utilization rate was 16.2 cases per doctor in 2024 compared to 16.3 cases per doctor in 2023 and 16.2 cases per doctor in 2022*.*


* Invisalign utilization rates are calculated by the number of cases shipped divided by the number of doctors to whom cases were shipped.

Our International region includes Europe, Middle East and Africa (“EMEA”) and Asia Pacific (“APAC”).

Latin America (“LATAM”) is excluded from the International region based on its immateriality to the year; however is included in the Total utilization.

| Americas | | | | | | $ | 1,426.3 | | | | | $ | 1,463.0 | | | | | $ | (36.6) | | | | | (2.5) | | % | | | | $ | 1,463.0 | | | | | $ | 1,471.9 | | | | | $ | (9.0) | | | | | (0.6) | | % |

| International | | | | | | 1,500.5 | | | | | | 1,449.5 | | | | | | 51.1 | | | | | | 3.5 | | % | | | | 1,449.5 | | | | | | 1,349.0 | | | | | | 100.5 | | | | | | 7.4 | | % |

| Non-case | | | | | | 303.3 | | | | | | 286.9 | | | | | | 16.4 | | | | | | 5.7 | | % | | | | 286.9 | | | | | | 251.7 | | | | | | 35.2 | | | | | | 14.0 | | % |

Clear Aligner net revenues increased primarily from an increase in volume, partially offset by lower Clear Aligner ASP.

*Clear Aligner - Americas*

Americas net revenues decreased by $37 million in 2024 as compared to 2023, primarily due to a 3.0% decrease in ASP, resulting in a decrease of net revenues of $44 million.

The decrease in ASP was primarily driven by a mix shift to lower priced products and countries which reduced net revenues by $88 million and higher promotional discounts which decreased net

revenues by $66 million and unfavorable foreign exchange rates that decreased net revenues by $9 million.

These decreases were partially offset by lower net deferrals which increased net revenues by $94 million and price changes which increased net revenues by $19 million.

The decrease in ASP was partially offset by an increase in volume which increased net revenues by $7 million.

*Clear Aligner - International*

This increase was partially offset by a decrease of 3.3% in ASP which decreased net revenues by $50 million.

Lower ASP was due to unfavorable foreign exchange rates that decreased net revenues by $21 million and a price reduction for sales in the United Kingdom (“UK”) to offset VAT we began charging in 2024, which decreased net revenues by $32 million, a mix shift to lower priced products and countries which reduced net revenues by $60 million and higher promotional discounts which reduced net revenues by $114 million.

The decreases in ASP were partially offset by lower net deferrals and price changes which increased net revenues by $99 million and $72 million, respectively.

*Clear Aligner - Non-Case*

Non-case net revenues increased by $16 million in 2024 compared to 2023 mainly due to increased volume of Vivera retainers which includes retention aligners ordered through our Doctor Subscription Program.

Systems and Services net revenues increased by $106 million in 2024 as compared to 2023 primarily due to higher scanner ASP which increased net revenues by $45 million, an increase in sales of upgrade scanner systems which increased net revenues by $38 million, higher services revenue which increased net revenues by $19 million and higher volume which increased net revenues by $4 million.

Additionally, CAD/CAM software revenues increased net revenues by $7 million.

These increases were partially offset by unfavorable foreign exchange rates which decreased net revenues by $7 million.

The gross margin percentage increased in 2024 as compared to 2023 primarily due to higher ASPs and lower cost of net revenues leverage, partially offset by lower service revenue mix.

Operating margin percentage increased in 2024 compared to 2023 primarily due to higher gross margin, partially offset by an increase in employee costs.

As of December 31, [removed: 2024,] [added: 2025,] we are not exposed to interest rate risk on our unsecured revolving line of credit.

We generally sell our products in the local [added: currency of the respective countries.]

currency of the respective countries.

We strive to achieve our vision and strategy through key objectives made possible with the proprietary technologies and services of the AlignTM Digital Platform to establish: clear aligners as the principal solution for the treatment of malocclusions with the Invisalign System as the treatment solution of choice by orthodontists, GPs and patients [removed: globally, our iTero intraoral scanners as the preferred scanning technology for digital dental scans and our exocad CAD/CAM software as the dental restorative solution of choice for dental labs.]

Our internet address is [removed: www.aligntech.com.][added: *www.aligntech.com*.]

For the year ended December 31, [removed: 2024,] [added: 2025,] Clear Aligner net revenues represented approximately [removed: 81%] [added: 80%] of worldwide net revenues, while Systems and Services net revenues represented the remaining [removed: 19%.][added: 20%.]

In addition, we sell directly to [removed: Dental Support Organizations] [added: dental support organizations] (“DSOs”) who contract with dental practices to provide critical business management and [removed: support] [added: support,] including non-clinical operations.

We furthermore market and sell doctor and consumer accessory products complementary to our doctor-prescribed principal products under the Invisalign® and other [removed: brands,] [added: brand names,] including retainers, dental supplies, clear aligner cases (clamshells), ultrasonic and UV electronic cleaning devices, teeth whitening products and cleaning solutions (collectively, “Invisalign Accessory Products”).

To date, over [removed: 19] [added: 22] million people worldwide have been treated with the Invisalign System.

Our iTero intraoral scanners are used by dental professionals, labs, and service providers for restorative and orthodontic digital [removed: procedures as well as] [added: procedures,] Invisalign case [removed: submissions.][added: submissions, and comprehensive digital dentistry diagnosis, treatment planning and treatment monitoring.]

][added: (2).jpg](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/algn-20251231_g1.jpg)]

[removed: We strive to be at the forefront of] [added: For nearly 30 years, Align has been transforming smiles and changing lives; driving] innovation in digital orthodontics and dentistry, helping doctors transform their practices using digital tools and technology to deliver exceptional, modern treatment [removed: experiences and outcomes to patients worldwide.]

The AlignTM Digital Platform is the foundation of our goal to [removed: revolutionize] [added: lead] the [removed: practice of dentistry,] [added: digital revolution in orthodontics, restorative dentistry and comprehensive digital dentistry by] delivering [removed: interconnected, interdisciplinary] [added: seamless] workflows [added: in dental practices, on mobile devices,] and [added: through remote monitoring, as well as diagnostic and] treatment solutions designed to improve all aspects of [added: assessment and] treatment, from initial consultations to final smiles with our doctor-centered treatment model.

The AlignTM Digital Platform is an end-to-end digital platform that combines software, systems and services [added: designed] to [removed: seamlessly integrate] [added: provide a seamless experience] and [removed: connect] [added: end-to-end workflow that integrates and connects] those critical to successful treatment outcomes – [added: doctors, labs, patients and consumers.]

The AlignTM Digital Platform utilizes the AlignTM Digital Workflow to enable an end-to-end digital treatment experience and generate interconnected workflows and treatment [removed: solutions, that includes the following key components:][added: solutions.]

[removed: ][added: ]

- [removed: Connect:] [added: Connect:] The initial stage of the platform drives consumer demand and connects potential patients to our websites and the websites of Invisalign providers.

Some of the tools that support this stage are Invisalign.com, [removed: the] [added: Invisalign® Doctor Locator,] Invisalign SmileViewTM tool, [removed: My Invisalign app, Doctor Locator,] Invisalign® Practice App, [removed: and] Invisalign® Virtual [removed: Appointment.][added: Appointment and My InvisalignTM app.]

Visualization of their potential smiles helps patients understand the benefits of treatment and [removed: increase] [added: increases] patient conversion.

The tools that support this [removed: stage, include,] [added: stage include] iTero intraoral scanners and exocad CAD/CAM imaging systems, Invisalign® Outcome Simulator Pro, [removed: Invisalign Photo Uploader, Invisalign SmileViewTM tool,] iTero ElementTM 5D auto-upload feature, iTeroTM [added: Near Infra-Red Imaging (NIRI) technology, iTeroTM] Scan [removed: Report] [added: Report, iTeroTM TimeLapse Technology] and iTero\-exocad ConnectorTM.

Some of the tools that support this stage include AlignTM Oral Health Suite, [added: Align X-ray Insights,] iTeroTM intraoral scanners, including those with NIRI [removed: technology (Near Infra-Red Imaging),] [added: technology,] iTeroTM TimeLapse technology and [removed: iTero] [added: iTeroTM] Occlusogram.

Some of the tools that support this stage are ClinCheck® Pro [removed: 6.0,ClinCheck® Plan Editor,] [added: Software, 3D Controls in] ClinCheck® [removed: In-Face Visualization,] [added: Pro,] ClinCheck® [removed: Live Update, Invisalign® Practice App,] [added: Plan Editor,] Invisalign® Personalized Plan, CBCT [removed: Integration] [added: integration] for [removed: ClinCheck® software, Clincheck® Smile Video,] [added: ClinCheck®, and] Invisalign Smile [removed: ArchitectTM, iTeroTM Design Suite, exocad Dental CADTM software and exocad Dental CAD™ 3.2 Elefsina software.][added: Architect™.]

The Invisalign® Palatal Expander System and the Invisalign® System with mandibular advancement [removed: featuring] [added: with occlusal blocks and] enhanced precision [removed: wings] [added: wings, and SmartTrack™ material, SmartForce™ features and SmartStage™ technology] are additional products that support patient treatment.

Some of the tools that support this stage include Invisalign® [added: Progress Assessment, Invisalign®] Virtual Care [removed: AI,] [added: AI and] My InvisalignTM [removed: app, Invisalign Doctor Site, Invisalign® Practice App, Invisalign® Progress Assessment and iTeroTM scanners.][added: app.]

However, most people afflicted by malocclusion do not seek orthodontic treatment for various reasons, including negative perceptions of traditional [removed: metal] wires and brackets, affordability of treatment, and accessibility to doctors.

Of the 22 million cases started each year, we estimate that almost all can be treated using our Invisalign System, yet [added: we estimate] our share of the 22 million case starts through orthodontists is approximately 10% globally.

Our business strategy remains focused on increasing our share of the existing market of orthodontic case starts compared to [removed: brackets] [added: wires] and [removed: wires,] [added: brackets,] especially among teens, and expand the market for digital orthodontics, especially among adults.

As part of the Align™ Digital Workflow, we have developed solutions to enable [removed: doctors to] [added: doctor] diagnosis and drive patient [removed: conversion from considering treatment to starting treatment] [added: adoption] – providing tools to support diagnosis of [removed: patients’] [added: a patient’s] oral health and support to identify an appropriate treatment pathway, facilitating the doctor-patient conversation, education and clinical needs and expectations.

Globally, [removed: approximately 94%] [added: more than 95%] of [removed: prescription orders for our] Invisalign System [added: prescription orders] are now submitted via digital scan, increasing the accuracy of treatment plans, reducing the time from when [removed: a] [added: the] doctor submits [removed: a] [added: the] prescription to the time [removed: a] [added: the] patient receives the clear aligners, and helping to decrease the carbon footprint resulting from elimination of the initial or upfront shipment of [removed: a] [added: the] patient’s PVS impressions to the doctors and shipping those PVS impressions back to us.

Our ClinCheck® [removed: Pro cloud-based] treatment planning software is the cornerstone of the AlignTM Digital Platform.

ClinCheck Pro [removed: leverages] [added: treatment planning software uses] proprietary algorithms based on the insights from data from [added: our] over [removed: 19] [added: 22] million patients treated worldwide.

Using the digital scans or PVS impressions, [removed: any specific] [added: certain] doctor preferences and digital data provided, we generate a proposed custom, three-dimensional [added: treatment plan, called a] ClinCheck® treatment [removed: plan] [added: plan,] using proprietary software developed through significant, ongoing research and development investments spanning [removed: over] [added: more than] two decades.

Attachments are tooth-colored shapes that [removed: can be affixed to a patient’s teeth] [added: are sometimes used] to increase the biomechanical force on a specific tooth or teeth in order to affect the desired movement(s).

[removed: *Treatment plan review] [added: *Review] and approval [added: of the treatment plan] by an Invisalign-trained doctor.* The patient’s [removed: proposed] ClinCheck treatment plan is then made available to the prescribing dental professional via our Invisalign Doctor Site, enabling the dental professional to evaluate projected tooth movement [removed: as it progresses] from initial to final position and [removed: compare] [added: compare, modify or choose from multiple] treatment plan options to best meet the dental professional’s treatment objectives.

By reviewing, modifying as needed and approving [removed: an acceptable] [added: the] treatment plan, the dental professional retains control of the patient’s treatment.

Clear aligners are thin, clear polymer, removable dental appliances that are custom manufactured in a series designed to correspond to each stage of [removed: a] [added: the] patient’s ClinCheck treatment plan.

*Shipment to the dental professional and patient clear aligner wear.* Once manufactured, [removed: each] [added: all the] clear [removed: aligner] [added: aligners] for a patient’s doctor-approved treatment plan [removed: is] [added: are] typically shipped directly to the dental professional.

[removed: Each set of clear] [added: Clear] aligners [removed: (one clear aligner for the lower and a second for the upper jaw)] are generally worn for one week or for a short period of time corresponding to the stages of the patient’s approved ClinCheck treatment plan and their doctor’s discretion.

The patient replaces their current set of clear aligners with the next [removed: pair] [added: set] in the series [removed: as and] when prescribed, advancing tooth movement through each stage.

At various points in each patient’s treatment, their doctor may place attachments or use other auxiliaries to achieve desired tooth movements, per [removed: their] [added: the] doctor’s original prescription and the approved ClinCheck treatment plan.

We offer our Invisalign System in a variety of treatment packages designed to correspond with the case-by-case treatment needs of our doctors and their patients and [removed: also designed on] [added: any] nonclinical [removed: needs.][added: requirements.]

| Product | | | Invisalign® Express Package | | | Invisalign® Lite Package | | | Invisalign [removed: Go™] [added: Go Package Limited Movement] (GP) | | | Invisalign® Moderate [removed: Packages (& Invisalign Go™ Plus)] [added: Package] | | | Invisalign® Comprehensive Packages | | |

| Clinical Scope | | | Relapse and minor movement, anterior esthetic alignment | | | [removed: Up to 2mm AP correction,] [added: Class I, mild] crowding/spacing, [removed: lower incisor extraction,] [added: non-extraction,] pre-restorative | | | [removed: No] [added: Class I, no] AP correction, mild to moderate [removed: crowding, spacing, lower incisor extraction, pre-restorative tooth] [added: crowding/spacing, non-extraction, pre-restorative. Tooth] movement from [removed: 2nd premolar] [added: second pre-molar] to [removed: 2nd premolar] [added: second pre-molar] (5x5) | | | Class I, mild [removed: AP correction,] [added: Class II, mild to] moderate crowding/spacing, mild [removed: anterior / posterior] [added: AP] and vertical discrepancies, [removed: pre-restorative, (Go Plus tooth movement from 1st molar to 1st molar (6X6))] [added: pre-restorative] | | | Class I, II, III, moderate to severe crowding/spacing, [removed: anterior / posterior] [added: AP] and vertical discrepancies, extractions, complex pre-restorative | | |

globally, our iTero intraoral scanners as the preferred scanning technology for digital dental scans and our exocad CAD/CAM software as the dental restorative solution of choice for dental labs.

experiences and outcomes to over 22 million people worldwide.

The AlignTM Digital Workflow includes dedicated tools and capabilities for each stage of the Invisalign treatment journey:

In 2025, we announced several new enhancements to the AlignTM Digital Platform.

- In March 2025, we announced the addition of restorative capabilities to our iTero Lumina™ intraoral scanner (without iTero NIRI technology) and the new iTero Lumina™ Pro dental imaging system (with iTero NIRI technology).

- In March 2025, we also announced the launch in European Union countries and the United Kingdom of Align X-ray Insights, a new software-based (CADe*) computer aided detection solution that uses artificial intelligence (“AI”) to automatically analyze 2D radiographs.

- In October 2025, we announced a series of new innovations for iTero Digital Solutions, a comprehensive ecosystem that includes intraoral scanners and integrated software tools, including enhancements to the Align™ Oral Health Suite, Invisalign® Outcome Simulator Pro with ClinCheck® Smile Video, and the iTero™ Design Suite.

- In December 2025, we announced limited commercial availability of the Invisalign® System with mandibular advancement featuring occlusal blocks (“MAOB”), the latest clinical innovation that expands Align’s Class II treatment portfolio by offering practitioners a comprehensive solution for treating growing patients with Class II malocclusions caused by mandibular retrusion.

The majority of doctors then dispense all of the clear aligners to the patient.

| Malocclusion | | | Very Mild to Mild | | | Mild to Moderate | | | | | | | | | Moderate to Severe | | |

In certain regions, we offer streamlined configurations with limited or no additional aligners, including the option to separately purchase additional aligners under applicable terms, and we anticipate offering these configurations in additional markets over time.

*Invisalign Comprehensive 3in3 Package*.

*Invisalign®* *System With Mandibular Advancement Featuring Occlusal Blocks for Class II Skeletal and Dental Correction.* The Invisalign System with mandibular advancement featuring occlusal blocks expands our Class II treatment portfolio by offering practitioners a comprehensive solution for treating growing patients with late mixed or early permanent dentition (ages 10-16) with Class II malocclusions caused by mandibular retrusion.

Class II malocclusion is one of the most common orthodontic problems, characterized by a discrepancy in jaw alignment where the lower jaw (mandible) is positioned too far back relative to the upper jaw (maxilla) and represents approximately 30%-45% of malocclusions globally.

By leveraging the natural growth potential during pre-adolescence and adolescence, the Invisalign System with mandibular advancement featuring occlusal blocks facilitates effective correction of Class II malocclusions, helping to improve occlusal relationships, enhance facial aesthetics, and provides long-term functional benefits.

In adults, it is designed to be used in conjunction with surgery or other interventions when necessary.

The Invisalign Palatal Expander is our first direct 3D printed orthodontic device that provides doctors with a solution set to treat the most common skeletal and dental malocclusions in growing children.

*Vivera™ Retainers for Retention*.

*Direct Fabrication*

In January 2024, we completed the acquisition of Cubicure GmbH (“Cubicure”), a company that develops, produces and distributes proprietary direct 3D printing technologies that enable us to efficiently and sustainably manufacture our devices without the added step of first creating a mold.

We have begun limited

manufacturing of certain appliances already, and expect to pilot additional devices, including retainers and certain pre-fab attachments, in limited releases in 2026.

The iTero Element 5D imaging system is available in the United States, Canada, China, and the majority of EMEA and select APAC and LATAM countries and is pending regulatory approval in others.

*iTero Lumina™ Intraoral Scanner and iTero Lumina™ Pro Dental Imaging System*

In March 2025, we announced the addition of restorative capabilities to our next generation iTero Lumina™ intraoral scanner (without iTero NIRI technology) and the new iTero Lumina™ Pro dental imaging system (with NIRI technology) to enable efficient restorative and multidisciplinary ortho-restorative workflows and support diagnostic of interproximal caries above the gingiva, helping GPs reach new levels of practice efficiency and growth while delivering exceptional clinical outcomes.

Since October 2025, our portfolio of intraoral scanners have included a PC configuration (desktop and laptop) that extends the performance found in the cart and mobile configurations into a compact and adaptable format that integrates easily into existing practices.

The enhanced capabilities of the iTero Lumina solutions provide an improved scanning experience and performance, optimal for the simplest to the most challenging restorative cases.

These capabilities are complemented by simplified restorative workflows that include the capture of single unit dental crowns to full dental arch with multiple preparations in a single pass, with a wave of an iTero Lumina wand.

*iTero™ Digital Solutions*

In October 2025, we announced a series of new product innovations for iTero™ Digital Solutions, a comprehensive ecosystem that includes intraoral scanners and integrated software tools designed to transform dental consultations into a modern, multi-modal oral health assessment that helps doctors and their teams deliver exceptional chairside experiences.

These new capabilities span across key practice workflows that underline the Align™ Digital Workflow including Diagnose, Plan, Treat, and Monitor steps.

From dynamic and personalized visualization and patient engagement tools at chairside, to expanded compatibility with 3D printers and milling machines, these new innovations are designed to simplify workflows, increase patient acceptance, and drive practice growth.

The Align™ Oral Health Suite is designed to be an intuitive and visually engaging digital interface intended to enhance patient-driven interest and engagement with iTero Element™ Plus and iTero Lumina™ scan images to help drive doctor-patient conversations about treatment options earlier in the patient journey.

The all-in-one chairside consultation can help patients see their oral health conditions, discuss potential root causes with their doctors and evaluate treatment options.

Invisalign Outcome Simulator Pro is a patient communication tool on iTero Element™ Plus Series and iTero Lumina™ imaging systems, that generates highly realistic, simulated in-face visualizations of a patient’s potential future smile after an orthodontic or ortho-restorative treatment.

Invisalign Outcome Simulation Pro with multi treatment simulations offers two types of simulations chairside: Invisalign for ortho-only, and Invisalign Smile Architect™ for ortho-restorative.

The new Invisalign® Outcome Simulator Pro with Smile Video offers dynamic in-face visualization at chairside designed to improve patient conversion.

*iTero™ Design Suite*.

iTero™ Design Suite offers doctors and dental staff a simple and intuitive digital chairside design workflow for 3D printing and milling of models, bite splints, mock-ups, and restorations to enable single-visit dentistry and better patient experiences.

It includes comprehensive printing and milling compatibility, a new mock-up workflow that drives patient engagement and treatment acceptance, and the integration of iTero NIRI and HD intraoral images into the Suite to help trace the margin line and support detailed restoration design.

doctors, labs, patients and consumers.

In 2024, we launched several new products and technologies that further enhance the AlignTM Digital Platform, including the iTero LuminaTM intraoral scanner, iTero Multi-Direct CaptureTM technology, Clincheck® Smile Video, iTeroTM Design Suite, Invisalign Smile ArchitectTM with treatment planning software with Multiple Treatment Plans, Invisalign® Outcome Simulator with Multiple Treatment Simulation and AlignTM Oral Health Suite with new comparison tools.

The majority of doctors then distribute each clear aligner to their patients.

Additionally, for patients treated using many of our Invisalign System products, doctors have the option to order additional clear aligners for doctor-approved treatment plan refinements.

| Malocclusion | | | Very Mild | | |  | | | Moderate | | |  | | | Severe | | |

In the first quarter of 2023, we launched the Invisalign Comprehensive 3in3 product.

*Retention*.

The Invisalign Palatal Expander is our first direct 3D printed orthodontic device.

In January 2024, we completed the acquisition of Cubicure GmbH (“Cubicure”), a company that develops, produces and distributes innovative materials, equipment and processes for novel 3D printing solutions.

This will potentially allow us to design unique appliances

We expect to pilot our first devices on this platform with 3D printed retainers in the first half of 2025.

*iTero Scanner*.

We expect to launch the restorative software on the iTero Lumina intraoral scanner by the end of the first quarter of 2025.

The Invisalign Outcome Simulator is an exclusive chair-side and cloud-based application for the iTero scanner that allows doctors to help patients visualize how their teeth may look at the end of Invisalign treatment.

This is achieved through a dual view layout that shows a prospective patient an image of their own current dentition next to a simulated final position after Invisalign treatment.

The Align™ Oral Health Suite is a digital interface designed to enhance dental consultations and drive patient acceptance of dental treatment.

It offers a modern approach to dental examinations, featuring an innovative clinical framework designed to empower doctors and their clinic staff to conduct comprehensive oral health assessments via a single scan using patient-friendly terminology, and providing a highly engaging patient-centric experience.

It integrates iTero diagnostic aid and visualization tools, such as iTero NIRI, iTero Occlusogram, iTero TimeLapse and Invisalign Outcome Simulator Pro into a single interface chairside on the iTero scanner.

Some of the tools that support this stage include

Align™ Oral Health Suite, that integrates iTero diagnostic aid and visualization tools, such as iTero NIRI, iTero Occlusogram, iTero TimeLapse and Invisalign Outcome Simulator Pro with multiple treatment plans.

Similarly, various studies have also been published demonstrating the capabilities of our scanners, including advanced features such as our NIRI technology.

Annual Research Award Program, which was in its 15th year in 2024 and donations to the American Association of Orthodontists Foundation.

Competition in the clear aligner market continues to increase.

In addition, corresponding foreign patents began expiring in 2018 which has increased competition outside the United States.

The HIPAA Standards for Privacy of Individually Identifiable Health Information (“Privacy Standards”) and the Security Standards for the Protection of Electronic Protected Health Information under HIPAA and the Health Information Technology for Economic and Clinical Health Act of 2009 (“HITECH Act”) (the “Security Standards”) are the subjects of final and proposed rule amendments, respectively, reflecting the rapidly evolving nature of these laws and regulations.


Nominating and Governance Committee.

- Best Places to Work for Women in Korea

- Dun & Bradstreet Top Tech Companies to Work for in Israel

- Fortune, America’s Most Innovative Companies

- Newsweek, America’s Greatest Workplaces; Greatest Workplaces for Mental Wellbeing America

- U.S. News & World Report - Best Companies to Work For and Best Companies to Work For in the Health Care Industry

responsible for ensuring health and safety programs and processes are maintained and effective at each of our locations.

In addition, we covered a portion of the conference fee for all students to make this opportunity more accessible for all attendees.

◦More than 600,000 children—33,500 of whom speak a language other than English—who were reached with downloadable resources accessed from AmericasToothFairy.org,

◦43,250 children taught with ToothFairy 101® Community Education Kits distributed to educators, public health workers, and oral health professionals, and

◦Nearly 268,000 people who were reached through two sponsored awareness campaigns that included educational materials and social media kits.

[removed: For a discussion of legal proceedings, refer to] [added: The information set forth in] *Note 8* [removed: *"Legal Proceedings"] [added: “*Legal Proceedings”] of the Notes to Consolidated Financial Statements* in Part II, Item 8 of this Form [removed: 10-K.][added: 10-K is incorporated herein by reference.]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the [removed: registrant’s] common stock held by non-affiliates of the registrant was approximately [removed: $12.9] [added: $11.1] billion as of June [removed: 28, 2024] [added: 30, 2025,] based on the closing [removed: sale] [added: sales] price of the registrant’s common stock on the Nasdaq Global Select Market on such date.

On February 20, [removed: 2025, 73,597,648] [added: 2026, 71,282,132] shares of the registrant’s common stock were outstanding.

Portions of the registrant’s definitive Proxy Statement relating to its [removed: 2025] [added: 2026] annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

For the Year Ended December 31, [removed: 2024][added: 2025]

| Item 1. | | | [removed: [Business](#ia8729110fd5c4d108bec42cae655576a_13)] [added: [Business](#i5e2dfc09b4d14ea8a43e29c71fe51527_13)] | | | [removed: [3](#ia8729110fd5c4d108bec42cae655576a_13)] [added: [3](#i5e2dfc09b4d14ea8a43e29c71fe51527_13)] | | |

| | | | [Information about our Executive [removed: Officers](#ia8729110fd5c4d108bec42cae655576a_16)] [added: Officers](#i5e2dfc09b4d14ea8a43e29c71fe51527_16)] | | | [removed: [20](#ia8729110fd5c4d108bec42cae655576a_16)] [added: [22](#i5e2dfc09b4d14ea8a43e29c71fe51527_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#ia8729110fd5c4d108bec42cae655576a_19)] [added: Factors](#i5e2dfc09b4d14ea8a43e29c71fe51527_19)] | | | [removed: [20](#ia8729110fd5c4d108bec42cae655576a_19)] [added: [22](#i5e2dfc09b4d14ea8a43e29c71fe51527_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ia8729110fd5c4d108bec42cae655576a_22)] [added: Comments](#i5e2dfc09b4d14ea8a43e29c71fe51527_25)] | | | [removed: [35](#ia8729110fd5c4d108bec42cae655576a_22)] [added: [36](#i5e2dfc09b4d14ea8a43e29c71fe51527_25)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ia8729110fd5c4d108bec42cae655576a_25)] [added: [Cybersecurity](#i5e2dfc09b4d14ea8a43e29c71fe51527_28)] | | | [removed: [35](#ia8729110fd5c4d108bec42cae655576a_25)] [added: [36](#i5e2dfc09b4d14ea8a43e29c71fe51527_28)] | | |

| Item 2. | | | [removed: [Properties](#ia8729110fd5c4d108bec42cae655576a_28)] [added: [Properties](#i5e2dfc09b4d14ea8a43e29c71fe51527_31)] | | | [removed: [37](#ia8729110fd5c4d108bec42cae655576a_28)] [added: [38](#i5e2dfc09b4d14ea8a43e29c71fe51527_31)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ia8729110fd5c4d108bec42cae655576a_31)] [added: Proceedings](#i5e2dfc09b4d14ea8a43e29c71fe51527_34)] | | | [removed: [37](#ia8729110fd5c4d108bec42cae655576a_31)] [added: [38](#i5e2dfc09b4d14ea8a43e29c71fe51527_34)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ia8729110fd5c4d108bec42cae655576a_34)] [added: Disclosures](#i5e2dfc09b4d14ea8a43e29c71fe51527_37)] | | | [removed: [37](#ia8729110fd5c4d108bec42cae655576a_34)] [added: [38](#i5e2dfc09b4d14ea8a43e29c71fe51527_37)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ia8729110fd5c4d108bec42cae655576a_40)] [added: Securities](#i5e2dfc09b4d14ea8a43e29c71fe51527_43)] | | | [removed: [38](#ia8729110fd5c4d108bec42cae655576a_40)] [added: [39](#i5e2dfc09b4d14ea8a43e29c71fe51527_43)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#ia8729110fd5c4d108bec42cae655576a_43)] [added: [\[Reserved\]](#i5e2dfc09b4d14ea8a43e29c71fe51527_46)] | | | [removed: [40](#ia8729110fd5c4d108bec42cae655576a_43)] [added: [41](#i5e2dfc09b4d14ea8a43e29c71fe51527_46)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia8729110fd5c4d108bec42cae655576a_46)] [added: Operations](#i5e2dfc09b4d14ea8a43e29c71fe51527_49)] | | | [removed: [40](#ia8729110fd5c4d108bec42cae655576a_46)] [added: [41](#i5e2dfc09b4d14ea8a43e29c71fe51527_49)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia8729110fd5c4d108bec42cae655576a_85)] [added: Risk](#i5e2dfc09b4d14ea8a43e29c71fe51527_91)] | | | [removed: [52](#ia8729110fd5c4d108bec42cae655576a_85)] [added: [54](#i5e2dfc09b4d14ea8a43e29c71fe51527_91)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ia8729110fd5c4d108bec42cae655576a_88)] [added: Data](#i5e2dfc09b4d14ea8a43e29c71fe51527_94)] | | | [removed: [54](#ia8729110fd5c4d108bec42cae655576a_88)] [added: [56](#i5e2dfc09b4d14ea8a43e29c71fe51527_94)] | | |

| Item 9. | | | [Changes in and [removed: Disagreements](#ia8729110fd5c4d108bec42cae655576a_181) [W](#ia8729110fd5c4d108bec42cae655576a_181)[ith] [added: Disagreements With] Accountants on Accounting and Financial [removed: Disclosure](#ia8729110fd5c4d108bec42cae655576a_181)] [added: Disclosure](#i5e2dfc09b4d14ea8a43e29c71fe51527_187)] | | | [removed: [92](#ia8729110fd5c4d108bec42cae655576a_181)] [added: [97](#i5e2dfc09b4d14ea8a43e29c71fe51527_187)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ia8729110fd5c4d108bec42cae655576a_184)] [added: Procedures](#i5e2dfc09b4d14ea8a43e29c71fe51527_190)] | | | [removed: [92](#ia8729110fd5c4d108bec42cae655576a_184)] [added: [97](#i5e2dfc09b4d14ea8a43e29c71fe51527_190)] | | |

| Item 9B. | | | [Other [removed: Information](#ia8729110fd5c4d108bec42cae655576a_187)] [added: Information](#i5e2dfc09b4d14ea8a43e29c71fe51527_193)] | | | [removed: [92](#ia8729110fd5c4d108bec42cae655576a_187)] [added: [97](#i5e2dfc09b4d14ea8a43e29c71fe51527_193)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia8729110fd5c4d108bec42cae655576a_190)] [added: Inspections](#i5e2dfc09b4d14ea8a43e29c71fe51527_196)] | | | [removed: [93](#ia8729110fd5c4d108bec42cae655576a_190)] [added: [97](#i5e2dfc09b4d14ea8a43e29c71fe51527_196)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ia8729110fd5c4d108bec42cae655576a_196)] [added: Governance](#i5e2dfc09b4d14ea8a43e29c71fe51527_202)] | | | [removed: [93](#ia8729110fd5c4d108bec42cae655576a_196)] [added: [97](#i5e2dfc09b4d14ea8a43e29c71fe51527_202)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ia8729110fd5c4d108bec42cae655576a_199)] [added: Compensation](#i5e2dfc09b4d14ea8a43e29c71fe51527_205)] | | | [removed: [93](#ia8729110fd5c4d108bec42cae655576a_199)] [added: [98](#i5e2dfc09b4d14ea8a43e29c71fe51527_205)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ia8729110fd5c4d108bec42cae655576a_202)] [added: Matters](#i5e2dfc09b4d14ea8a43e29c71fe51527_208)] | | | [removed: [94](#ia8729110fd5c4d108bec42cae655576a_202)] [added: [98](#i5e2dfc09b4d14ea8a43e29c71fe51527_208)] | | |

| Item 13. | | | [Certain Relationships and Related [removed: Transactions](#ia8729110fd5c4d108bec42cae655576a_205)[,](#ia8729110fd5c4d108bec42cae655576a_205) [and] [added: Transactions, and] Director [removed: Independence](#ia8729110fd5c4d108bec42cae655576a_205)] [added: Independence](#i5e2dfc09b4d14ea8a43e29c71fe51527_211)] | | | [removed: [94](#ia8729110fd5c4d108bec42cae655576a_205)] [added: [99](#i5e2dfc09b4d14ea8a43e29c71fe51527_211)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#ia8729110fd5c4d108bec42cae655576a_208)] [added: Services](#i5e2dfc09b4d14ea8a43e29c71fe51527_214)] | | | [removed: [94](#ia8729110fd5c4d108bec42cae655576a_208)] [added: [99](#i5e2dfc09b4d14ea8a43e29c71fe51527_214)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ia8729110fd5c4d108bec42cae655576a_214)] [added: Schedules](#i5e2dfc09b4d14ea8a43e29c71fe51527_220)] | | | [removed: [95](#ia8729110fd5c4d108bec42cae655576a_214)] [added: [100](#i5e2dfc09b4d14ea8a43e29c71fe51527_220)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ia8729110fd5c4d108bec42cae655576a_217)] [added: Summary](#i5e2dfc09b4d14ea8a43e29c71fe51527_223)] | | | [removed: [98](#ia8729110fd5c4d108bec42cae655576a_217)] [added: [102](#i5e2dfc09b4d14ea8a43e29c71fe51527_223)] | | |

*Invisalign, Align, the Invisalign logo, ClinCheck, Invisalign Assist, Invisalign [removed: Teen, Invisalign] First, Invisalign Go, the Invisalign sonic logo, Vivera, SmartForce, SmartTrack, SmartStage, SmileView, iTero, iTero Element, iTero Lumina, Orthocad, exocad, Align Digital Platform, [added: Align Oral Health Suite,] Invisalign Smile Architect, iTero exocad [removed: Connector and] [added: Connector,] exocad Dental CAD, [added: and Cubicure,] among others, are trademarks and/or service marks of Align Technology, Inc. or one of its subsidiaries or affiliated companies and may be registered in the United States and/or other countries.*

These statements include, among other things, our expectations and intentions regarding our strategic objectives and the means to achieve them, our beliefs and expectations regarding macroeconomic conditions, including fluctuations in [added: foreign] currency exchange rates, inflation, higher interest rates, market volatility, [removed: threats or] actual [removed: imposition of] [added: or proposed] tariffs, [removed: threats of] [added: customs duties] or [added: fees, and any retaliatory tariffs or protectionist trade measures taken in response to such tariffs,] actual [added: or potential] economic slowdowns or recessions, [added: effects of geopolitical events,] our expectations and beliefs regarding customer and consumer purchasing behavior and changes in consumer spending habits, our expectations regarding product mix, product launches, product pilots and product adoption, our expectations regarding competition and our ability to compete in our target markets, our expectations regarding the sales growth of our intraoral scanners, clear aligners and other products, our expectations regarding the impact of the military conflicts in the Middle East and Ukraine and our operations and assets in Israel and Russia, our marketing and efforts to build our brand awareness, our estimates regarding the size and opportunities of the markets we are targeting along with our expectations for growth in those markets and potential collaboration opportunities, our beliefs regarding the impact of technological innovation in general, and in our solutions and products in particular, on target markets and patient care, our beliefs regarding digital dentistry and its potential to impact our business, our intentions regarding expanding our business, including its impact on our operational flexibility and responsiveness to customer demand, our expectations regarding our tax positions and the [removed: judgements] [added: judgments] we make related to our tax obligations, our beliefs regarding the importance of our manufacturing operations on our success, our beliefs regarding the need for and benefits of our technological development on Invisalign treatment, the areas of development in which we focus our efforts, and the advantages of our intellectual property portfolio, our beliefs regarding our business strategy and growth drivers, our expectations regarding the utilization rates for our products, including the impact of marketing on those rates and causes for periodic fluctuations of the rates, our expectations regarding the existence and impact of seasonality, our expectations regarding the [removed: productivity impact sales representatives will have on our sales and the impact of specialization of those representatives in sales channels, our expectations regarding the] continued expansion of our international markets and their growth, our expectations regarding impacts or staying in compliance with laws and regulations currently applicable to, or which may become applicable to, our business both in the United States and internationally, our beliefs regarding our culture and commitment and its impact on our financial and operational performance and its importance to our future success, our expectations for future investments in and benefits from sales and marketing activities, our preparedness and our customers’ preparedness to react to changing circumstances and demand, our expectations for our expenses and capital obligations and expenditures in particular, our intentions to control spending and for investments, our intentions regarding the investment of and ability to repatriate foreign earnings, our belief regarding the sufficiency of our cash and investment balances and borrowing capacity, our judgments regarding the estimates used in our revenue recognition and assessment of goodwill and intangible assets, our predicted level of operating expenses and gross margins and other factors beyond our control, as well as other statements regarding our future operations, financial condition and prospects and business [removed: strategies.][added: strategies.*]

Given these risks and uncertainties, [removed: readers are cautioned] [added: you should] not to place undue reliance on such forward-looking [removed: statements.*][added: statements.]

| [PART I](#i5e2dfc09b4d14ea8a43e29c71fe51527_10) | | | | | | [3](#i5e2dfc09b4d14ea8a43e29c71fe51527_10) | | |

| [PART II](#i5e2dfc09b4d14ea8a43e29c71fe51527_40) | | | | | | [39](#i5e2dfc09b4d14ea8a43e29c71fe51527_40) | | |

| [PART III](#i5e2dfc09b4d14ea8a43e29c71fe51527_199) | | | | | | [97](#i5e2dfc09b4d14ea8a43e29c71fe51527_199) | | |

| [PART IV](#i5e2dfc09b4d14ea8a43e29c71fe51527_217) | | | | | | [100](#i5e2dfc09b4d14ea8a43e29c71fe51527_217) | | |

| [Signatures](#i5e2dfc09b4d14ea8a43e29c71fe51527_226) | | | | | | [103](#i5e2dfc09b4d14ea8a43e29c71fe51527_226) | | |

*In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” and similar expressions intended to identify forward-looking statements.

Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing.*

| [PART I](#ia8729110fd5c4d108bec42cae655576a_10) | | | | | | [3](#ia8729110fd5c4d108bec42cae655576a_10) | | |

| [PART II](#ia8729110fd5c4d108bec42cae655576a_37) | | | | | | [38](#ia8729110fd5c4d108bec42cae655576a_37) | | |

| [PART III](#ia8729110fd5c4d108bec42cae655576a_193) | | | | | | [93](#ia8729110fd5c4d108bec42cae655576a_193) | | |

| [PART IV](#ia8729110fd5c4d108bec42cae655576a_211) | | | | | | [95](#ia8729110fd5c4d108bec42cae655576a_211) | | |

| [Signatures](#ia8729110fd5c4d108bec42cae655576a_220) | | | | | | [99](#ia8729110fd5c4d108bec42cae655576a_220) | | |

These statements may contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” or other words indicating future results.

In the event of an identified cybersecurity incident, we have developed a [removed: detailed] cybersecurity incident response process, which outlines [removed: the] steps to be followed from incident detection, analysis, containment, eradication, recovery and notification, including notifying functional areas (e.g. information technology, legal, finance, operations, privacy), as well as senior leadership and the Audit Committee, as appropriate.

In certain instances, incidents are escalated to certain members of our legal team who are responsible for, among other things, the accurate and timely disclosure of material cybersecurity incidents [added: as] required under federal securities laws, including making the materiality determination and approving related securities disclosures.

In [removed: 2024,] [added: 2025,] our CISO or his team met with the Audit Committee [removed: four] [added: two] times to discuss cybersecurity risks and threats.

As of December 31, [removed: 2024,] [added: 2025,] the significant facilities occupied were as follows:

| Guoco Midtown, Singapore | | | | | | Lease | | | Office for APAC regional headquarters | | | | | |

Our common stock is traded on the Nasdaq Global Select Market under the symbol “ALGN.” As of February 20, [removed: 2025,] [added: 2026,] there were approximately [removed: 52] [added: 50] holders of record of our common stock.

The graph tracks the performance of a $100 investment in Align common stock and each index (assuming reinvestment of all dividends) from December 31, [removed: 2019] [added: 2020] to December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

[removed: Purchases] [added: Issuer Purchases] of Equity [removed: Securities by the Issuer and Affiliated Purchasers][added: Securities]

The following table summarizes the stock repurchase activity for the three months ended December 31, [removed: 2024:][added: 2025:]

*1* [removed: *January 2023] [added: *April 2025] Repurchase Program.* In [removed: January 2023, we announced that] [added: April 2025,] our Board of Directors [removed: had] authorized a plan to repurchase up to $1,000,000,000 of our common stock [removed: (“January 2023] [added: (“April 2025] Repurchase Program”).

See *Note 11* “*Common Stock Repurchase Programs” of the Notes to Consolidated Financial Statements* for details on the [removed: January 2023] [added: April 2025] Repurchase Program.

Dividends

We have never declared or paid any cash dividends on our common stock.

We currently intend to retain earnings for use in the operations and expansion of our business.

In additional, we may use a portion of our retained earnings to repurchase shares of our common stock, if appropriate.

Securities Authorized for Issuance Under Equity Compensation Plans

Please see Part III, Item 12 of this Annual Report on Form 10-K under the heading “*Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*.”

| October 1, 2025 through October 31, 2025 | | | | | | 319,732 | | | | | | $ | 131.99 | | | | | 319,732 | | | | | | $ | 886,241,000 | |

| November 1, 2025 through November 30, 2025 | | | | | | 105,371 | | | | | | $ | 139.31 | | | | | 105,371 | | | | | | $ | 871,563,000 | |

| December 1, 2025 through December 31, 2025 | | | | | | 255,577 | | | | | | $ | 157.95 | | | | | 255,577 | | | | | | $ | 831,195,000 | |

| Total | | | | | | 680,680 | | | | | | | | | | | | 680,680 | | | | | | | | |

| October 1, 2024 through October 31, 2024 | | | | | | 83,029 | | | | | | $ | 217.18 | | | | | 83,029 | | | | | | $ | 482,000,000 | |

| November 1, 2024 through November 30, 2024 | | | | | | 407,090 | | | | | | $ | 221.48 | | | | | 407,090 | | | | | | $ | 392,000,000 | |

| December 1, 2024 through December 31, 2024 | | | | | | 419,848 | | | | | | $ | 225.49 | | | | | 419,848 | | | | | | $ | 297,100,000 | |

| Total | | | | | | 909,967 | | | | | | | | | | | | 909,967 | | | | | | | | |

| [Management's Annual Report on Internal Control over Financial [removed: Reporting](#ia8729110fd5c4d108bec42cae655576a_94)] [added: Reporting](#i5e2dfc09b4d14ea8a43e29c71fe51527_100)] | | | [removed: [55](#ia8729110fd5c4d108bec42cae655576a_94)] [added: [57](#i5e2dfc09b4d14ea8a43e29c71fe51527_100)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ia8729110fd5c4d108bec42cae655576a_97)] [added: Firm](#i5e2dfc09b4d14ea8a43e29c71fe51527_103)] (PCAOB ID 238) | | | [removed: [56](#ia8729110fd5c4d108bec42cae655576a_97)] [added: [58](#i5e2dfc09b4d14ea8a43e29c71fe51527_103)] | | |

| [Consolidated Statements of Operations for the year ended December [removed: 31, 2024, 2023 and 2022](#ia8729110fd5c4d108bec42cae655576a_100)] [added: 31,](#i5e2dfc09b4d14ea8a43e29c71fe51527_106) [2025](#i5e2dfc09b4d14ea8a43e29c71fe51527_106)[, 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_106)[4](#i5e2dfc09b4d14ea8a43e29c71fe51527_106) [and 20](#i5e2dfc09b4d14ea8a43e29c71fe51527_106)[23](#i5e2dfc09b4d14ea8a43e29c71fe51527_106)] | | | [removed: [58](#ia8729110fd5c4d108bec42cae655576a_100)] [added: [60](#i5e2dfc09b4d14ea8a43e29c71fe51527_106)] | | |

| [Consolidated Statements of Comprehensive Income for the year ended December 31, [removed: 2024, 2023 and 2022](#ia8729110fd5c4d108bec42cae655576a_103)] [added: 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)[5](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)[, 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)[4](#i5e2dfc09b4d14ea8a43e29c71fe51527_109) [and 20](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)[23](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)] | | | [removed: [59](#ia8729110fd5c4d108bec42cae655576a_103)] [added: [61](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024 and 2023](#ia8729110fd5c4d108bec42cae655576a_106)] [added: 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_112)[5](#i5e2dfc09b4d14ea8a43e29c71fe51527_112) [and 20](#i5e2dfc09b4d14ea8a43e29c71fe51527_112)[24](#i5e2dfc09b4d14ea8a43e29c71fe51527_112)] | | | [removed: [60](#ia8729110fd5c4d108bec42cae655576a_106)] [added: [62](#i5e2dfc09b4d14ea8a43e29c71fe51527_112)] | | |

| [Consolidated Statements of Stockholders’ Equity for the year ended December 31, [removed: 2024, 2023 and 2022](#ia8729110fd5c4d108bec42cae655576a_109)] [added: 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)[5](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)[, 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)[4](#i5e2dfc09b4d14ea8a43e29c71fe51527_115) [and 20](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)[23](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)] | | | [removed: [61](#ia8729110fd5c4d108bec42cae655576a_109)] [added: [63](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)] | | |

| [Consolidated Statements of Cash Flows for the year ended December 31, [removed: 2024, 2023 and 2022](#ia8729110fd5c4d108bec42cae655576a_112)] [added: 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)[5](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)[, 202](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)[4](#i5e2dfc09b4d14ea8a43e29c71fe51527_118) [and 20](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)[23](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)] | | | [removed: [62](#ia8729110fd5c4d108bec42cae655576a_112)] [added: [64](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ia8729110fd5c4d108bec42cae655576a_115)] [added: Statements](#i5e2dfc09b4d14ea8a43e29c71fe51527_121)] | | | [removed: [63](#ia8729110fd5c4d108bec42cae655576a_115)] [added: [65](#i5e2dfc09b4d14ea8a43e29c71fe51527_121)] | | |

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on our assessment, management has concluded that, as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting was effective based on criteria in *Internal Control - Integrated Framework (2013)* issued by the COSO.

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

We have audited the accompanying consolidated balance sheets of Align Technology, Inc. and its subsidiaries (the [removed: "Company")] [added: “Company”)] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of operations, of comprehensive income, of [removed: stockholders’] [added: shareholders’] equity and of cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes and [added: financial statement] schedule of Valuation and Qualifying Accounts and Reserves for each of the three years [added: listed] in the period ended [added: in] December 31, [removed: 2024] [added: 2025] appearing under Item 15(a)(2) (collectively referred to as the [removed: "consolidated] [added: “consolidated] financial [removed: statements").][added: statements”).]

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 1 and 16 to the consolidated financial statements, the Company recognized net revenues of $3.2 billion from its Clear Aligner segment for the year ended December 31, [removed: 2024.][added: 2025.]

| | | | | | | Year Ended December [removed: 31, | | | | | |] [added: 31] | | | | | | | | |

| | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net revenues | | | | | | $ | [removed: 3,999,012] [added: 4,034,964] | | | | | $ | [removed: 3,862,260] [added: 3,999,012] | | | | | $ | [removed: 3,734,635] [added: 3,862,260] | |

| Cost of net revenues | | | | | | [removed: 1,199,853] [added: 1,323,951] | | | | | | [removed: 1,155,397] [added: 1,199,853] | | | | | | [removed: 1,100,860] [added: 1,155,397] | | |

| Gross profit | | | | | | [removed: 2,799,159] [added: 2,711,013] | | | | | | [removed: 2,706,863] [added: 2,799,159] | | | | | | [removed: 2,633,775] [added: 2,706,863] | | |

| Selling, general and administrative | | | | | | [removed: 1,763,193] [added: 1,755,791] | | | | | | [removed: 1,703,379] [added: 1,763,193] | | | | | | [removed: 1,674,469] [added: 1,703,379] | | |

| Research and development | | | | | | [removed: 364,202] [added: 369,911] | | | | | | [removed: 346,830] [added: 364,202] | | | | | | [removed: 305,258] [added: 346,830] | | |

| Restructuring and other charges | | | | | | [removed: 33,168] [added: 35,378] | | | | | | [removed: 13,316] [added: 33,168] | | | | | | [removed: 11,453] [added: 13,316] | | |

| Legal settlement loss | | | | | | [removed: 30,968] [added: 4,178] | | | | | | [removed: —] [added: 30,968] | | | | | | — | | |

| Total operating expenses | | | | | | [removed: 2,191,531] [added: 2,165,258] | | | | | | [removed: 2,063,525] [added: 2,191,531] | | | | | | [removed: 1,991,180] [added: 2,063,525] | | |

| Income from operations | | | | | | [removed: 607,628] [added: 545,755] | | | | | | [removed: 643,338] [added: 607,628] | | | | | | [removed: 642,595] [added: 643,338] | | |

| Interest income | | | | | | [removed: 20,218] [added: 16,045] | | | | | | [removed: 17,258] [added: 20,218] | | | | | | [removed: 5,367] [added: 17,258] | | |

| Other income (expense), net | | | | | | [removed: (18,887)] [added: 23,487] | | | | | | [removed: (19,392)] [added: (18,887)] | | | | | | [removed: (48,905)] [added: (19,392)] | | |

| Total interest income and other income (expense), net | | | | | | [removed: 1,331] [added: 39,532] | | | | | | [removed: (2,134)] [added: 1,331] | | | | | | [removed: (43,538)] [added: (2,134)] | | |

| Net income before provision for income taxes | | | | | | [removed: 608,959] [added: 585,287] | | | | | | [removed: 641,204] [added: 608,959] | | | | | | [removed: 599,057] [added: 641,204] | | |

| Provision for income taxes | | | | | | [removed: 187,597] [added: 174,936] | | | | | | [removed: 196,151] [added: 187,597] | | | | | | [removed: 237,484] [added: 196,151] | | |

| Net income | | | | | | $ | [removed: 421,362] [added: 410,351] | | | | | $ | [removed: 445,053] [added: 421,362] | | | | | $ | [removed: 361,573] [added: 445,053] | |

| Basic | | | | | | $ | [removed: 5.63] [added: 5.66] | | | | | $ | [removed: 5.82] [added: 5.63] | | | | | $ | [removed: 4.62] [added: 5.82] | |

| Diluted | | | | | | $ | [removed: 5.62] [added: 5.65] | | | | | $ | [removed: 5.81] [added: 5.62] | | | | | $ | [removed: 4.61] [added: 5.81] | |

| Basic | | | | | | [removed: 74,877] [added: 72,542] | | | | | | [removed: 76,426] [added: 74,877] | | | | | | [removed: 78,190] [added: 76,426] | | |

| Diluted | | | | | | [removed: 74,993] [added: 72,588] | | | | | | [removed: 76,568] [added: 74,993] | | | | | | [removed: 78,420] [added: 76,568] | | |

| Change in foreign currency translation adjustment, net of tax | | | | | | [removed: (15,786)] [added: 69,410] | | | | | | [removed: 28,419] [added: (15,786)] | | | | | | [removed: (11,480)] [added: 28,419] | | |

| Change in unrealized gains [removed: (losses)] on investments, net of tax | | | | | | [removed: 596] [added: —] | | | | | | [removed: 3,033] [added: 596] | | | | | | [removed: (3,130)] [added: 3,033] | | |

| Other comprehensive income (loss) | | | | | | [removed: (15,190)] [added: 69,410] | | | | | | [removed: 31,452] [added: (15,190)] | | | | | | [removed: (14,610)] [added: 31,452] | | |

| February 27, 2026 | | |

| February 27, 2026 | | |

February 27, 2026

| Net income | | | | | | $ | 410,351 | | | | | $ | 421,362 | | | | | $ | 445,053 | |

| | | | | | | 2025 | | | | | | 2024 | | |

| Assets held for sale | | | | | | 27,983 | | | | | | — | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 410,351 | | | | | | 410,351 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Common stock repurchased and retired | | | | | | (2,875) | | | | | | — | | | | | | (39,868) | | | | | | — | | | | | | (429,960) | | | | | | (469,828) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance as of December 31, 2025 | | | | | | 71,364 | | | | | | $ | 7 | | | | | $ | 1,509,595 | | | | | $ | 75,388 | | | | | $ | 2,464,157 | | | | | $ | 4,049,147 | |

| | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net income | | | | | | $ | 410,351 | | | | | $ | 421,362 | | | | | $ | 445,053 | |

| Impairment loss on Assets held for sale | | | | | | 23,142 | | | | | | — | | | | | | — | | |

As of December 31, 2025 and 2024, we had no marketable securities.

This increased the total carrying value of our investment in Heartland to $174.0 million for the year ended December 31, 2025.

For the years ended December 31, 2025 and 2024, we did not hold any material investments in which we exercised significant influence.

These instruments have minimal credit risk exposures.

Management regularly monitors their compositions and maturities.

The Company maintains its cash and cash equivalents in bank accounts that exceed federally insured FDIC limits.

Through December 31, 2025, the Company has not experienced any material credit losses on such deposits.

*Accounts Receivable Factoring*

In the third quarter of 2025, we committed to a plan to dispose of, other than by sale, specifically identified manufacturing assets prior to the end of their estimated useful lives.

We have materially completed the disposition of these assets as of

December 31, 2025.

Accordingly, we have revised the estimated useful lives of these assets to reflect our use through the disposal date.

In the year ended December 31, 2025, we recorded $76.9 million of accelerated depreciation expense related to these assets.

The increase in depreciation expense negatively impacted Net income, net of tax, by $53.9 million or $0.74 per basic and diluted share.

For the years ended December 31, 2025 and 2024, capitalized internally developed software costs were $38.5 million and $23.1 million, respectively.

This is because the contract consideration is

rate of return.

The determination of whether a valuation allowance is required involves significant judgment and reflects our evaluation of changes in our operational performance, taxable income forecasts, and other relevant factors,

We adopted this standard on a prospective basis for our annual report on Form 10-K effective for the year ended December 31, 2025.

ASU 2023-09 impacts our accounting for income tax financial statement disclosures, but did not impact our Consolidated Balance Sheets, Statements of Operations or Statements of Cash Flows.

See *Note 14* *“Segments and Geographical Information.”*

On September 18, 2025, the FASB issued ASU 2025-06, *“Intangibles-Goodwill and Other-Internal-Use Software.”* The amendments in this ASU simplify the accounting for internal-use software by eliminating the existing project development stages and introducing new guidance for evaluating the probable-to-complete threshold for capitalization.

The amendments in this ASU also require the application of ASC 360-10 disclosure requirements for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

The provisions of ASU 2025-06 are effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years.

The Company is evaluating the effect of this pronouncement on its annual consolidated financial statements.

| Cash | | | | | | $ | 770,051 | | | | | $ | — | | | | | $ | — | | | | | $ | 770,051 | | | | | $ | 770,051 | | | | | | | | | | | | | | | | | | | |

| February 28, 2025 | | |

February 28, 2025

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Marketable securities, long-term | | | | | | — | | | | | | 8,022 | | |

| Balance as of December 31, 2021 | | | | | | 78,710 | | | | | | $ | 8 | | | | | $ | 999,006 | | | | | $ | 4,326 | | | | | $ | 2,619,374 | | | | | $ | 3,622,714 | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 361,573 | | | | | | 361,573 | | |

| Net change in unrealized gains (losses) from investments | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,130) | | | | | | — | | | | | | (3,130) | | |

| Common stock repurchased and retired | | | | | | (1,748) | | | | | | — | | | | | | (20,777) | | | | | | — | | | | | | (414,259) | | | | | | (435,036) | | |

| 1 Includes tax withholding shares related to net share settlements of equity awards. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Activity for equity forward contracts related to accelerated stock repurchase agreements, net | | | | | | — | | | | | | (10,000) | | | | | | (40,000) | | |

As of December 31, 2024 we have no short term or long term marketable securities.

We did not record an adjustment for the year ended December 31, 2023.

Derivative Financial Instruments

These forward contracts are not designated as hedging instruments.

Capitalized internally developed software costs were not material as of December 31, 2024 or 2023.

The second step is to measure the tax benefit as the

Should there be a change in our ability to realize our deferred tax assets, our tax provision would increase in the period in which we determine that it is more likely than not that we cannot realize our deferred tax assets.

*Note 16 “Segments and Geographical Information" of the Notes of Consolidated Financial Statements*

There will be no impact to our consolidated balance sheets or statements of operations; however, the Company is evaluating the effect of this pronouncement on our consolidated financial statement disclosures.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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

| Cash | | | | | | $ | 887,682 | | | | | $ | — | | | | | $ | — | | | | | $ | 887,682 | | | | | $ | 887,682 | | | | | $ | — | | | | | $ | — | |

| Corporate bonds | | | | | | 31,943 | | | | | | 5 | | | | | | (676) | | | | | | 31,272 | | | | | | — | | | | | | 28,704 | | | | | | 2,568 | | |

| U.S. government treasury bonds | | | | | | 4,855 | | | | | | — | | | | | | (99) | | | | | | 4,756 | | | | | | — | | | | | | — | | | | | | 4,756 | | |

| Asset-backed securities | | | | | | 1,416 | | | | | | 2 | | | | | | (1) | | | | | | 1,417 | | | | | | — | | | | | | 719 | | | | | | 698 | | |

| Municipal bonds | | | | | | 702 | | | | | | — | | | | | | (2) | | | | | | 700 | | | | | | — | | | | | | 700 | | | | | | — | | |

| U.S. government agency bonds | | | | | | 5,215 | | | | | | — | | | | | | (34) | | | | | | 5,181 | | | | | | — | | | | | | 5,181 | | | | | | — | | |

| Total | | | | | | $ | 981,569 | | | | | $ | 7 | | | | | $ | (812) | | | | | $ | 980,764 | | | | | $ | 937,438 | | | | | $ | 35,304 | | | | | $ | 8,022 | |

The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of December 31, 2023 (in thousands):

| Due in 1 year or less | | | | | | | | | | | | $ | 34,617 | |

| Due in 1 year through 5 years | | | | | | | | | | | | 8,709 | | |

| Total | | | | | | | | | | | | $ | 43,326 | |

The securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields.

As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss.

Our unrealized losses as of December 31, 2023 are primarily due to changes in interest rates and credit spreads.

The following table summarizes the gross unrealized losses as of December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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, [removed: 2024] [added: 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.

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, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the fiscal quarter ended December 31, [removed: 2024,] [added: 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).

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 [removed: 2025] [added: 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.

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.

A copy of our Insider Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The information required by Item [removed: 201(d) and Item] 403 of Regulation S-K is incorporated by reference to the [removed: sections] [added: section] entitled [removed: “Equity Compensation Plan Information” and] “Security Ownership of Certain Beneficial Owners and [removed: Management,” respectively,] [added: 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.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 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.

| Report of Independent Registered Public Accounting Firm | | | [removed: [56](#ia8729110fd5c4d108bec42cae655576a_97)] [added: [58](#i5e2dfc09b4d14ea8a43e29c71fe51527_103)] | | |

| Consolidated Statements of Operations for the year ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [58](#ia8729110fd5c4d108bec42cae655576a_100)] [added: [60](#i5e2dfc09b4d14ea8a43e29c71fe51527_106)] | | |

| Consolidated Statements of Comprehensive Income for the year ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [59](#ia8729110fd5c4d108bec42cae655576a_103)] [added: [61](#i5e2dfc09b4d14ea8a43e29c71fe51527_109)] | | |

| Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | [removed: [60](#ia8729110fd5c4d108bec42cae655576a_106)] [added: [62](#i5e2dfc09b4d14ea8a43e29c71fe51527_112)] | | |

| Consolidated Statements of Stockholders’ Equity for the year ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [61](#ia8729110fd5c4d108bec42cae655576a_109)] [added: [63](#i5e2dfc09b4d14ea8a43e29c71fe51527_115)] | | |

| Consolidated Statements of Cash Flows for the year ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [62](#ia8729110fd5c4d108bec42cae655576a_112)] [added: [64](#i5e2dfc09b4d14ea8a43e29c71fe51527_118)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [63](#ia8729110fd5c4d108bec42cae655576a_115)] [added: [65](#i5e2dfc09b4d14ea8a43e29c71fe51527_121)] | | |

Schedule II—Valuation and Qualifying Accounts and Reserves for the year ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

| [removed: [3.1](https://www.sec.gov/Archives/edgar/data/1097149/000092735600002267/0000927356-00-002267-0002.txt)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000064/exhibit31-archarter.htm)] | | | [Amended and Restated Certificate of Incorporation of Align Technology, [removed: Inc](https://www.sec.gov/Archives/edgar/data/1097149/000092735600002267/0000927356-00-002267-0002.txt)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000064/exhibit31-archarter.htm)] | | | [removed: S-1/A (File No. 333-49932)] [added: 10-Q] | | | [removed: 12/28/2000] [added: 8/6/2025] | | | 3.1 | | | | | | | | |

| [removed: [3.1A](https://www.sec.gov/Archives/edgar/data/1097149/000109714916000055/exhibit301.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000010/exhibit31-amendedandrestat.htm)] | | | [removed: [Certificate of Amendment to the Amended] [added: [Amended] and Restated [removed: Certificate of Incorporation] [added: Bylaws] of Align Technology, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714916000055/exhibit301.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000010/exhibit31-amendedandrestat.htm)] | | | 8-K | | | [removed: 5/20/2016] [added: 2/26/2026] | | | [removed: 3.01] [added: 3.1] | | | | | | | | |

| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000003/amendedandrestatedbylawspr.htm)] [added: [10.1†](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000037/exhibit101-alignamendedand.htm)] | | | [removed: [Amended] [added: [Align Technology, Inc. 2010 Employee Stock Purchase Plan (as amended] and [removed: Restated Bylaws] [added: restated as] of [removed: Align Technology, Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000003/amendedandrestatedbylawspr.htm)] [added: May 19, 2021)](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000037/exhibit101-alignamendedand.htm)] | | | 8-K | | | [removed: 1/17/2024] [added: 5/20/2021] | | | [removed: 3.1] [added: 10.1] | | | | | | | | |

| [removed: [4.2](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex42.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/exhibit42descriptionofsecu.htm)] | | | [Description of the Registered Securities of Align Technology, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex42.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/exhibit42descriptionofsecu.htm)] | | | | | | | | | | | | | | | * | | |

| [removed: [10.1A†](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000037/exhibit101-alignamendedand.htm)] [added: [10.2†](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000040/exhibit101-2005incentivepl.htm)] | | | [Align Technology, Inc. [removed: 2010 Employee Stock Purchase] [added: 2005 Incentive] Plan (as amended [removed: and restated as of] [added: on] May [removed: 19, 2021)](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000037/exhibit101-alignamendedand.htm)] [added: 21, 2025)](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000040/exhibit101-2005incentivepl.htm)] | | | 8-K | | | [removed: 5/20/2021] [added: 5/21/2025] | | | 10.1 | | | | | | | | |

| [removed: [10.3†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm)] [added: [10.6†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm)] | | | [Form of [removed: RSU](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm) [A](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm)[greement under](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm) [2005] [added: RSU Agreement under 2005] Incentive Plan [removed: (](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm)[Officer Form](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm) [for] [added: (Executive Officer Form for] officers appointed after September [removed: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103-20191231.htm)] [added: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm)] | | | [removed: 10-K] [added: 10-Q] | | | [removed: 2/28/2020] [added: 5/5/2023] | | | [removed: 10.3] [added: 10.2] | | | | | | | | |

| [removed: [10.3A†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm)] [added: [10.7†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm)] | | | [Form of [removed: RSU](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm) [A](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm)[greement under](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm) [2005] [added: RSU Agreement under 2005] Incentive Plan [removed: (](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm)[Officer Form](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm) [for] [added: (Executive Officer Form for] officers appointed prior to September [removed: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex103a-20191231.htm)] [added: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm)] | | | [removed: 10-K] [added: 10-Q] | | | [removed: 2/28/2020] [added: 5/5/2023] | | | [removed: 10.3A] [added: 10.3] | | | | | | | | |

| [removed: [10.4†#](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex104.htm)] [added: [10.5†](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex107.htm)] | | | [Form of RSU Agreement [removed: (CEO)](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex104.htm)] [added: under 2005 Incentive Plan (CEO Form)](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex107.htm)] | | | [added: 10-K] | | | [added: 2/28/2025] | | | [added: 10.7] | | | | | | [removed: *] | | |

| [removed: [10.5†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex105-20191231.htm)] [added: [10.3†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex105-20191231.htm)] | | | [Form of RSU Agreement under [removed: Registrant's] 2005 Incentive Plan (Non-employee Director Form)](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex105-20191231.htm) | | | 10-K | | | 2/28/2020 | | | 10.5 | | | | | | | | |

| [removed: [10.6†](https://www.sec.gov/Archives/edgar/data/1097149/000109714919000009/ex106-20181231.htm)] [added: [10.4†](https://www.sec.gov/Archives/edgar/data/1097149/000109714919000009/ex106-20181231.htm)] | | | [Align 2019 [removed: Global](https://www.sec.gov/Archives/edgar/data/1097149/000109714919000009/ex106-20181231.htm) [RSU] [added: Global RSU] Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714919000009/ex106-20181231.htm) | | | 10-K | | | 2/28/2019 | | | 10.6 | | | | | | | | |

| [removed: [10.7†#](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex107.htm)] [added: [10.8†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm)] | | | [Form of [removed: Restricted Stock Unit] [added: MSU] Agreement under 2005 Incentive Plan (CEO [removed: Form)](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex107.htm)] [added: Form](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm))] | | | [added: 10-Q] | | | [added: 5/5/2023] | | | [added: 10.4] | | | | | | [removed: *] | | |

| [removed: [10.8†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm)] [added: [10.9†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm)] | | | [Form [removed: of](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm) [Restricted Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm) [2005] [added: of MSU Agreement under 2005] Incentive Plan (Executive Officer Form for officers appointed after September [removed: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementexecutive.htm)] [added: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm)] | | | 10-Q | | | 5/5/2023 | | | [removed: 10.2] [added: 10.5] | | | | | | | | |

| [removed: [10.9†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm)] [added: [10.10†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm)] | | | [Form [removed: of](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm) [Restricted Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm) [2005] [added: of MSU Agreement under 2005] Incentive Plan (Executive Officer Form for officers appointed prior to September [removed: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023rsuagreementprior-sep.htm)] [added: 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm)] | | | 10-Q | | | 5/5/2023 | | | [removed: 10.3] [added: 10.6] | | | | | | | | |

| [removed: [10.17†](https://www.sec.gov/Archives/edgar/data/1097149/000110465908031394/a08-11459_1ex10d3.htm)] [added: [10.11†](https://www.sec.gov/Archives/edgar/data/1097149/000110465908031394/a08-11459_1ex10d3.htm)] | | | [Form of Employment Agreement [removed: entered into] by and between Align Technology, Inc. and each executive officer (non-CEO Form) (for executive officers appointed prior to September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000110465908031394/a08-11459_1ex10d3.htm) | | | 10-Q | | | 5/8/2008 | | | 10.3 | | | | | | | | |

| [removed: [10.18†](https://www.sec.gov/Archives/edgar/data/1097149/000109714917000009/ex108-20161231.htm)] [added: [10.12†](https://www.sec.gov/Archives/edgar/data/1097149/000109714917000009/ex108-20161231.htm)] | | | [Form of Employment Agreement [removed: entered into] by and between Align Technology, Inc. and each executive officer (non-CEO Form) (for executive officers appointed after September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714917000009/ex108-20161231.htm) | | | 10-K | | | 2/28/2017 | | | 10.8 | | | | | | | | |

| [removed: [10.19†](https://www.sec.gov/Archives/edgar/data/1097149/000109714915000012/algn-2015331xex1030.htm)] [added: [10.13†](https://www.sec.gov/Archives/edgar/data/1097149/000109714915000012/algn-2015331xex1030.htm)] | | | [Amended and Restated Chief Executive Officer Employment [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714915000012/algn-2015331xex1030.htm)[, dated](https://www.sec.gov/Archives/edgar/data/1097149/000109714915000012/algn-2015331xex1030.htm) [as of] [added: Agreement, dated] April 16, [removed: 2025,](https://www.sec.gov/Archives/edgar/data/1097149/000109714915000012/algn-2015331xex1030.htm) [between] [added: 2015, by and between] Align Technology, Inc. and Joseph Hogan](https://www.sec.gov/Archives/edgar/data/1097149/000109714915000012/algn-2015331xex1030.htm) | | | 10-Q | | | 5/1/2015 | | | 10.30 | | | | | | | | |

| [removed: [10.20†](https://www.sec.gov/Archives/edgar/data/1097149/000109714916000065/algn-20160930ex102.htm)] [added: [10.14†](https://www.sec.gov/Archives/edgar/data/1097149/000109714916000065/algn-20160930ex102.htm)] | | | [Employment Agreement, dated [removed: as of April 16, 2025,] [added: November 7, 2016, by and] between Align Technology, Inc. and John F. Morici](https://www.sec.gov/Archives/edgar/data/1097149/000109714916000065/algn-20160930ex102.htm) | | | 10-Q | | | 11/8/2016 | | | 10.2 | | | | | | | | |

| [removed: [10.21†](https://www.sec.gov/Archives/edgar/data/1097149/000092962401000049/0000929624-01-000049-0005.txt)] [added: [10.15†](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/exhibit1015indemnification.htm)] | | | [removed: .[Form] [added: [Form] of Indemnification Agreement by and between Align Technology, Inc. and [removed: its Board] [added: each] of [removed: Directors and] its [added: directors and] executive [removed: officers](https://www.sec.gov/Archives/edgar/data/1097149/000092962401000049/0000929624-01-000049-0005.txt)] [added: officers](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/exhibit1015indemnification.htm)] | | | [removed: S-1/A (File No. 333-49932)] | | | [removed: 1/17/2001] | | | [removed: 10.15] | | | | | | [added: *] | | |

| [removed: [10.22](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000052/align-20200920xex101.htm)] [added: [10.16](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000052/align-20200920xex101.htm)] | | | [Credit [removed: Agreement between] [added: 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 [removed: agent, dated July 21, 2020](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000052/align-20200920xex101.htm)] [added: agent](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000052/align-20200920xex101.htm)] | | | 10-Q | | | 10/30/2020 | | | 10.1 | | | | | | | | |

| [removed: [10.23](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000013/ex1018-alignx1stamendmentt.htm)] [added: [10.17](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000013/ex1018-alignx1stamendmentt.htm)] | | | [First Amendment, dated April 21, 2022, to Credit Agreement [removed: between] [added: 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](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000013/ex1018-alignx1stamendmentt.htm) | | | 10-K | | | 2/27/2023 | | | 10.18 | | | | | | | | |

| [removed: [10.24](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000013/ex1019-alignx2ndamendmentt.htm)] [added: [10.18](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000013/ex1019-alignx2ndamendmentt.htm)] | | | [Second Amendment, dated December 23, 2022, to Credit Agreement [removed: between] [added: 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](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000013/ex1019-alignx2ndamendmentt.htm) | | | 10-K | | | 2/27/2023 | | | 10.19 | | | | | | | | |

| [removed: [10.29](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000082/projectcabernet33_spa23090.htm)] [added: [10.19*](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000082/projectcabernet33_spa23090.htm)] | | | [Share Purchase Agreement, dated September 1, 2023, [removed: between] [added: by and among] Align Holdings [removed: GMBH,] [added: GmbH,] Align Technology Switzerland [removed: GMBH] [added: GmbH] and the Sellers provided therein](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000082/projectcabernet33_spa23090.htm) | | | 10-Q | | | 11/3/2023 | | | 10.1 | | | | | | | | |

| [removed: [19.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex191.htm)] [added: [19.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/exhibit191.htm)] | | | [removed: [A](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex191.htm)[lign] [added: [Align] Technology, Inc. Insider Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex191.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/exhibit191.htm)] | | | | | | | | | | | | | | | * | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex211-20241231.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex211-20251231.htm)] | | | [Subsidiaries of Align Technology, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex211-20241231.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex211-20251231.htm)] | | | | | | | | | | | | | | | * | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex231-20241231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex231-20251231.htm)] | | | [Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex231-20241231.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex231-20251231.htm)] | | | | | | | | | | | | | | | * | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex311-20241231.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex311-20251231.htm)] | | | [removed: [Certification](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex311-20241231.htm)[s](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex311-20241231.htm) [of] [added: [Certifications of] Chief Executive Officer pursuant [removed: to](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex311-20241231.htm) [Exchange] [added: to Exchange] Act Rules 13a-14(a) and [removed: 15d-14(a),](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex311-20241231.htm) [as] [added: 15d-14(a), as] adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2003](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex311-20241231.htm)] [added: 2003](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex311-20251231.htm)] | | | | | | | | | | | | | | | * | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex312-20241231.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex312-20251231.htm)] | | | [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 [removed: 2003](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex312-20241231.htm)] [added: 2003](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex312-20251231.htm)] | | | | | | | | | | | | | | | * | | |

| [removed: [32](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex321-20241231.htm)[.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex321-20241231.htm)[t](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex321-20241231.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex321-20251231.htm)[t](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex321-20251231.htm)] | | | [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 [removed: 2003](https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/ex321-20241231.htm)] [added: 2003](https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/ex321-20251231.htm)] | | | | | | | | | | | | | | | * | | |

| [added: *] | | | [removed: Portions of the exhibit, marked by brackets and asterisks \[*\], have] [added: Certain information contained in this exhibit has] been omitted because [removed: the omitted information] [added: it] is not material and (i) would likely cause competitive harm to the registrant if publicly disclosed or (ii) is [removed: information] [added: the type] that the registrant treats as private or confidential. | | |

| Year Ended December 31, 2025 | | | | | | $ | 19,131 | | | | | $ | 18,738 | | | | | $ | (3,656) | | | | | $ | 34,213 | |

| Year Ended December 31, 2025 | | | | | | $ | 19,390 | | | | | $ | (7,892) | | | | | $ | — | | | | | $ | 11,498 | |

| † | | | Management contract or compensatory plan or arrangement. | | |

| t | | | Furnished herewith. | | |

| Year Ended December 31, 2022 | | | | | | $ | 9,245 | | | | | $ | 4,102 | | | | | $ | (3,004) | | | | | $ | 10,343 | |

| Year Ended December 31, 2022 | | | | | | $ | 12,938 | | | | | $ | 10,348 | | | | | $ | — | | | | | $ | 23,286 | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Exhibit Number | | | Description | | | Form | | | Date | | | Exhibit Number Incorporated by Reference herein | | | | | | Filed herewith | | |

| [3.1B](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/amendmenttocertificateofin.htm) | | | [Certificate of Amendment of the Amended and Restated Certificate of Incorporation of Align Technology, Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/amendmenttocertificateofin.htm) | | | 10-Q | | | 8/4/2023 | | | 3.1B | | | | | | | | |

| [10.2†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000049/align-2005incentiveplanmar.htm) | | | [Align Technology, Inc. 2005 Incentive Plan (as amended and restated May 17, 2023)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000049/align-2005incentiveplanmar.htm) | | | 8-K | | | 5/18/2023 | | | 10.1 | | | | | | | | |

| [10.10†](https://www.sec.gov/Archives/edgar/data/1097149/000110465905036404/a05-12559_1ex10d4.htm) | | | [Form of Option Award Agreement under Registrant's 2005 Incentive Plan](https://www.sec.gov/Archives/edgar/data/1097149/000110465905036404/a05-12559_1ex10d4.htm) | | | 10-Q | | | 8/4/2005 | | | 10.4 | | | | | | | | |

| [10.11†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) [2005](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) [I](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm)[ncentive Plan (Officer Form for MSU awards granted in 2019, 2020 and 2022 to officers appointed after September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108-20191231.htm) | | | 10-K | | | 2/28/2020 | | | 10.8 | | | | | | | | |

| [10.11A†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) [2005 Incentive Plan (Officer Form for MSU awards granted in 2019, 2020 and 2022 to officers appointed prior to September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex108a-20191231.htm) | | | 10-K | | | 2/28/2020 | | | 10.8A | | | | | | | | |

| [10.12†](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) [2005 Incentive Plan (Officer Form for MSU awards granted in 2021 to officers appointed after September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109-20201231.htm) | | | 10-K | | | 2/26/2021 | | | 10.9 | | | | | | | | |

| [10.12A†](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) [](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm)[Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) [2](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm)[005 Incentive Plan (Officer Form for MSU awards granted in 2021 to officers appointed prior to September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714921000007/ex109a-20201231.htm) | | | 10-K | | | 2/26/2021 | | | 10.9A | | | | | | | | |

| [10.13†](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex109-20191231.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex109-20191231.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex109-20191231.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex109-20191231.htm) [for CEO (Focal grants)](https://www.sec.gov/Archives/edgar/data/1097149/000109714920000008/ex109-20191231.htm) | | | 10-K | | | 2/28/2020 | | | 10.9 | | | | | | | | |

| [10.14†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm) [2005 Incentive Plan (CEO Form](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023hoganmsuagreement.htm)) | | | 10-Q | | | 5/5/2023 | | | 10.4 | | | | | | | | |

| [10.15†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) [Market Stock Uni](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm)[t](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) [2005 Incentive Plan (Executive Officer Form for officers appointed after September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementexecutive.htm) | | | 10-Q | | | 5/5/2023 | | | 10.5 | | | | | | | | |

| [10.16†](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) | | | [Form of](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) [Market Stock Unit](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) [under](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) [2005 Incentive Plan (Executive Officer Form for officers appointed prior to September 2016)](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000046/a2023msuagreementprior-sep.htm) | | | 10-Q | | | 5/5/2023 | | | 10.6 | | | | | | | | |

| [10.25](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000011/algnasconfirmation20231026.htm) | | | [Fixed Dollar Accelerated Share Repurchase Transaction between Citibank, N.A and Align Technology, Inc. dated October 26, 2023](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000011/algnasconfirmation20231026.htm) | | | 10-K | | | 2/28/2024 | | | 10.26 | | | | | | | | |

| [10.26](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/subscriptionagreement-hart.htm) | | | [Subscription Agreement, dated as of April 24, 2023 between Align Technology, Inc. and Heartland Dental Holding Corporation](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/subscriptionagreement-hart.htm) | | | 10-Q | | | 8/4/2023 | | | 10.1 | | | | | | | | |

| [10.27](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/align-hdstockholdersagreem.htm) | | | [Stockholders' Agreement, dated as of April 24, 2023 by and among Heartland Dental Holding Corporation, Heartland Dental Topco, LLC, KKR Core Holding Company LLC, KKR Partners IV L.P., any Sponsor Group Permitted Transferee as defined in the Agreement and Align Technology, Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/align-hdstockholdersagreem.htm) | | | 10-Q | | | 8/4/2023 | | | 10.2 | | | | | | | | |

| [10.28](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/align-hdsideletteralignxhd.htm) | | | [Side Letter, dated as of April 24, 2023 by and among Heartland Dental Holding Corporation, Heartland Dental Topco, LLC, KKR Core Holding Company LLC, KKR Partners IV L.P., any Sponsor Group Permitted Transferee as defined in the Stockholders' Agreement and Align Technology, Inc.](https://www.sec.gov/Archives/edgar/data/1097149/000109714923000059/align-hdsideletteralignxhd.htm) | | | 10-Q | | | 8/4/2023 | | | 10.3 | | | | | | | | |

| [10.](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000049/subscriptionagreement-hear.htm)[30](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000049/subscriptionagreement-hear.htm)[](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000049/subscriptionagreement-hear.htm) | | | [Subscription Agreement, dated as of April 22, 2024, between Align Technology, Inc. and Heartland Dental Holding Corporation](https://www.sec.gov/Archives/edgar/data/1097149/000109714924000049/subscriptionagreement-hear.htm) | | | 10-Q | | | 8/2/2024 | | | 10.1 | | | | | | | | |

| † | | | Management contract or compensatory plan or arrangement filed as an Exhibit to this form pursuant to Items 14(a) and 14(c) of Form 10-K. | | |

| t | | | Furnished herewith | | |

| # | | | This corrected version of the exhibit supersedes the prior version previously filed with the SEC. | | |

| Date: | | | February [removed: 28, 2025] [added: 27, 2026] | | |

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 [added: 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.

| /s/ JOSEPH M. HOGAN | | | | | | President, Chief Executive Officer and Director (*Principal Executive Officer*) | | | | | | February [removed: 28, 2025] [added: 27, 2026] | | |

| /s/ JOHN F. MORICI | | | | | | Chief Financial Officer and Executive Vice President, Global Finance (*Principal Financial Officer and Principal Accounting Officer*) | | | | | | February [removed: 28, 2025] [added: 27, 2026] | | |

| /s/ KEVIN T. CONROY | | | | | | Director | | | | | | February [removed: 28, 2025] [added: 27, 2026] | | |

| /s/ KEVIN J. DALLAS | | | | | | Director | | | | | | February [removed: 28, 2025] [added: 27, 2026] | | |