Align Technology, the maker of Invisalign clear aligners and iTero scanners, reported third-quarter 2025 results with total revenue of $995.7 million — down 1.7% sequentially and up 1.8% year-over-year. Foreign exchange added roughly $11.7 million to revenue sequentially and $15.6 million year-over-year.
Clear Aligner revenue was $805.8 million, essentially flat sequentially (up 0.1%) and up 2.4% versus last year. Clear Aligner volume rose 0.5% sequentially and 4.9% year-over-year.
Imaging Systems and CAD/CAM Services revenue declined to $189.9 million, down 8.6% sequentially and 0.6% year-over-year; FX contributed modestly to both comparisons.
GAAP operating income for the quarter was $96.3 million, producing a 9.7% operating margin. That margin contracted about 6.4 percentage points sequentially and 6.9 points year-over-year, driven largely by $36.6 million in restructuring and other charges and aggregate non-cash items totaling $88.3 million (including impairments and depreciation on assets to be disposed). Foreign exchange modestly boosted operating margin by about 0.4 points sequentially and 0.5 points year-over-year.
On a non-GAAP basis, operating income was $237.8 million, with a 23.9% operating margin — above the company’s outlook and up 2.6 points sequentially and 1.8 points year-over-year. GAAP net income was $56.8 million, or $0.78 per diluted share. Non-GAAP net income was $189.0 million, or $2.61 per diluted share.
CEO Joe Hogan said the company beat its outlook on revenue, Clear Aligner volumes and non-GAAP margins. He pointed to volume growth in EMEA, APAC and Latin America, and noted strong sequential gains in APAC and Latin America driven by teen and kids categories.
Hogan added that Systems and Services results reflected expected seasonal weakness. He said ongoing consumer-demand and DSO partner initiatives are improving patient conversion and that Invisalign’s brand strength helps balance a mixed North American market.
Align ended the quarter with $1,004.6 million in cash and cash equivalents, up from $901.2 million at June 30, 2025, and had $300.0 million available on its revolving credit facility as of September 30, 2025.