Boomers are sitting on nearly $19 trillion in real estate — here's where they hold the most housing health
Baby boomers are sitting on a staggering amount of housing wealth—across the U.S., they own an estimated $18 trillion to $19 trillion worth of real estate.
Boomers now hold nearly half of the nation's real estate wealth. This is a direct reflection of decades of homeownership, rising property values, and the generational shift that is now reshaping the housing market.
But, where exactly is that wealth concentrated?
A new Realtor.com® analysis reveals that while boomers—those born between 1946 and 1964—have planted roots across the country, a handful of metro areas stand out as hotbeds for retiree real estate wealth. Unsurprisingly, Florida dominates the list, claiming five of the top 10 spots.
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7 Baby Boomers own an estimated $18 trillion to $19 trillion worth of real estate.
Realtor.com
7 Boomers now hold nearly half of the nation's real estate wealth.
Syda Productions – stock.adobe.com
The Sunshine State offers warm weather, no state income tax, and a lifestyle that's long appealed to retirees—but other destinations, from coastal California to scenic New England, are also popular.
The ranking combines three factors: the share of homeowners aged 65 and up, the total value of homes in each market, and the estimated value held by older residents. The result is a snapshot of where retirees aren't just living—but where they're holding some of the most valuable pieces of the American housing pie.
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The wealthiest retiree markets in America
North Port-Bradenton, FL
Real estate value held by homeowners aged 65 and up: $97 billion
Share of homeowners aged 65 and up: 56%
Median home price: $495,000
In this metro, located in Sarasota and Manatee counties on the coast, more than half of homeowners are boomers. North Port isn't strictly a beach town; the metro includes miles of coastline and many other popular destinations such as Venice Beach. This means retirees have options: either direct access to the beach, or proximate access without having to pay some of the steeper prices that come with the territory. They also own an estimated $97 billion of the roughly $174 billion real estate value in this metro.
7 The Sunshine State offers warm weather, no state income tax, and a lifestyle that's long appealed to retirees.
Vane Nunes – stock.adobe.com
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7 The ranking combines three factors: the share of homeowners aged 65 and up, the total value of homes in each market, and the estimated value held by older residents.
Naples-Marco Island, FL
Real estate value held by homeowners aged 65 and up: $70 billion
Share of homeowners aged 65 and up: 57%
Median home price: $749,000
Also located on Florida's west coast, this area is known as the Sunshine State's Paradise Coast. It offers white-sand beaches, luxury resorts, and an abundance of outdoor activities, with more than 90 golf courses.
With more homes within proximity to the water, the area has a higher price range, with the median list price of $749,000. The 65 and older age group owns about $70 billion out of the $122 billion real estate value in Naples-Marco Island.
Santa Rosa-Petaluma, CA
Real estate value held by homeowners aged 65 and up: $54 billion
Share of homeowners aged 65 and up: 47%
Median home price: $995,000
Located roughly 40 miles north of San Francisco, this area is in Sonoma County, famed for its wine country and access to nature for active retirees.
'Santa Rosa as a whole is geared toward retirees,' Fermin Escutia, real estate agent at W Real Estate, tells Realtor.com. 'Petaluma is the most affordable town north of San Francisco. The sizes of the homes are going to be smaller, but the draw is the small community feel with plenty of events.'
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7 Map of the U.S. showing top 10 metro areas where retirees hold the most real estate wealth.
Realtor.com
7 Located roughly 40 miles north of San Francisco, this area is in Sonoma County, famed for its wine country and access to nature for active retirees.
The scenic foggy metro comes at a cost, with a median list price of $995,000. Of the homeowners here, 47% are those aged 65 and up, and they hold roughly $54 billion of the $116 billion real estate value.
Barnstable Town, MA (Cape Cod)
Real estate value held by homeowners aged 65 and up: $34 billion
Share of homeowners aged 65 and up: 53%
Median home price: $899,250
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The Cape Cod region has been a favorite destination among retirees for years, and many are drawn here by the coastal charm despite the chilly New England weather, as well as a slower pace outside the Boston area.
'The summers are beautiful here, and Barnstable has little hidden gems and local villages and charm you can't discover in just one weekend,' Deborah Garner, a real estate agent with Kinlin Grover Compass, tells Realtor.com.
7 Of the homeowners here, 47% are those aged 65 and up, and they hold roughly $54 billion of the $116 billion real estate value.
But soaking up this classic charm full time comes at a cost, with a median list price of $899,250. New listings are down 6.5% from a year ago, and new construction in the Northeast is less active than in some Southern and Midwestern states, resulting in fewer options available. Homeowners aged 65 and up accounted for $34 billion out of the $64 billion real estate value.
'There is a generational effect where property gets passed down and families find it hard to part with homes,' says Garner.
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Prescott-Prescott Valley, AZ
Real estate value held by homeowners aged 65 and up: $27 billion
Share of homeowners aged 65 and up: 58%
Median home price: $669,000
In Arizona's Prescott-Prescott Valley market, those aged 65 and up own 58% of the homes. The Prescott area is known for its older demographic, with a median age of 60.3, while the Prescott Valley area tends to draw a younger crowd, according to U.S. Census Bureau data.
Arizona, as a state, is a popular destination for retirees, and Prescott-Prescott Valley offers a warm climate without the humidity found in Florida. Insurance costs are lower, too, due to the lack of hurricane threats. The median list price for the area comes in at $669,000, with those aged 65 and up owning $27 billion of the $47 billion real estate value.
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For fiscal 2025: We expect 2025 Clear Aligner volume growth to be low-single digits and revenue growth to be flat to slightly up from 2024, assuming foreign exchange at current spot rates. We expect 2025 Clear Aligner ASPs to be down year-over-year due to a continued product mix shift to non-comprehensive clear aligners with lower list prices, and continued growth in our emerging markets with products that may carry lower list prices, partially offset by favorable foreign exchange at current spot rates. We expect 2025 Systems and Services year-over-year revenues to grow faster than Clear Aligner revenues. We expect the 2025 GAAP gross margin to be 67% - 68%, down year-over-year by approximately 2 to 3 points, due to the incurrence of one-time charges expected to be approximately $115 to $130 million primarily for the write-down of assets, accelerated depreciation expense, and restructuring charges in the second half of 2025 and lower Clear Aligner volume. 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Align Webcast and Conference Call We will host a conference call today, July 30, 2025, at 4:30 p.m. ET, 1:30 p.m. PT, to review our Q2'25 results, discuss future operating trends, and our business outlook. The conference call will also be webcast live via the Internet. To access the webcast, go to the "Events & Presentations" section under "Company Information" on Align's Investor Relations website at To access the conference call, participants may register for the call at An archived audio webcast will be available 2 hours after the call's conclusion and will remain available for one month. About Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles ("GAAP") in the United States ("U.S. GAAP"), we use the following non-GAAP financial measures: constant currency net revenues, constant currency gross profit, constant currency gross margin, constant currency income from operations, constant currency operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income before provision for income taxes, non-GAAP provision for income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted net income per share. These non-GAAP financial measures exclude certain items that may not be indicative of our fundamental operating performance, including foreign currency exchange rate impacts, the effects of stock-based compensation, amortization of intangible assets related to certain acquisitions, restructuring and other charges, acquisition-related costs, associated tax impacts and discrete cash and non-cash charges or gains that are included in the most directly comparable GAAP financial measure. Our management believes that the use of certain non-GAAP financial measures provides meaningful supplemental information regarding our recurring core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business. There are material limitations to using non-GAAP financial measures as they are not prepared in accordance with U.S. GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. Non-GAAP financial measures exclude certain items that may have a material impact upon our reported financial results, which can limit their usefulness for comparison purposes. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on both a GAAP and non-GAAP basis and by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for, superior to, or in isolation from, the directly comparable financial measures prepared in accordance with U.S. GAAP. We urge investors to review the reconciliation of our GAAP financial measures to the comparable non-GAAP financial measures included herein and not to rely on any single financial measure to evaluate our business. For more information on these non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the tables captioned "Unaudited GAAP to Non-GAAP Reconciliation." About Align Technology, Inc. Align Technology designs and manufactures the Invisalign® System, the most advanced clear aligner system in the world, iTero™ intraoral scanners and services, and exocad™ CAD/CAM software. These technology building blocks enable enhanced digital orthodontic and restorative workflows to improve patient outcomes and practice efficiencies for over 286.4 thousand doctor customers and are key to accessing Align's 600 million consumer market opportunity worldwide. Over the past 28 years, Align has helped doctors treat approximately 20.8 million patients with the Invisalign System and is driving the evolution in digital dentistry through the Align™ Digital Platform, our integrated suite of unique, proprietary technologies and services delivered as a seamless, end-to-end solution for patients and consumers, orthodontists and GP dentists, and lab/partners. Visit for more information. For additional information about the Invisalign System or to find an Invisalign doctor in your area, please visit For additional information about the iTero digital scanning system, please visit For additional information about exocad dental CAD/CAM offerings and a list of exocad reseller partners, please visit Invisalign, iTero, exocad, Align, Align Digital Platform and iTero Lumina are trademarks of Align Technology, Inc. Forward-Looking Statements This news release, including the tables below, contains forward-looking statements, including statements of beliefs and expectations regarding our ability to successfully manage our business and operations, reduce costs, manage investments and pursue our strategic growth drivers, our expectations regarding the potential continued economic uncertainty and spending hesitancy of consumers, our expectations regarding our stock repurchase programs, our expectations for market opportunities, our expectations regarding a series of actions in the second half of fiscal 2025 to streamline operations and reallocate resources to better align our long-term growth with our profitability objectives and the expected timing and financial impact of any such actions, our expectations regarding the applicability of VAT to our Clear Aligner sales in the UK, our expectations for implemented or proposed tariffs, and our expectations for Q3'25 and fiscal year 2025 worldwide revenues, Clear Aligner volume, Clear Aligner ASPs, Systems and Services revenues, GAAP and non-GAAP operating margin, GAAP and non-GAAP gross margin, and 2025 capital expenditures. Forward-looking statements contained in this press release relating to expectations about future events or results are based upon information available to Align as of the date hereof. Readers are cautioned that these forward-looking statements reflect our best judgments based on currently known facts and circumstances and are subject to risks, uncertainties, and assumptions that are difficult to predict. As a result, actual results may differ materially and adversely from those expressed in any forward-looking statement. Factors that might cause such a difference include, but are not limited to: macroeconomic conditions, including inflation, fluctuations in currency exchange rates, higher interest rates, market volatility, threats or actual imposition of tariffs, customs duties and fees by nations and retaliatory actions, threats of or actual economic slowdowns or recessions or escalating trade wars and geopolitical tensions; customer and consumer purchasing behavior and changes in consumer spending habits as a result of, among other things, prevailing macroeconomic conditions, levels of employment, health insurance coverage, wages, debt obligations, discretionary income, inflationary pressure, and declining consumer confidence; implemented or proposed tariffs and retaliatory actions or other trade restrictions or measures taken by the United States and other countries that have or could impact our products and product sales; variations in our geographic, channel and product mix, product launches, product pilots and product adoption, and selling prices regionally and globally, including product mix shifts to lower priced products or to products with a higher percentage of deferred revenue; competition from existing and new competitors; declines in, or the slowing of the growth of, sales of our clear aligners and intraoral scanners domestically and/or internationally and the impact either would have on the adoption of Invisalign products; the economic and geopolitical ramifications of the military conflicts in the Middle East and Ukraine, and tensions involving Taiwan and South China Sea and our operations and assets in Israel and Russia; our ability to implement and realize the anticipated benefits currently expected from actions to streamline operations and reallocate resources to better align our long-term growth with our profitability objectives; the possibility that the development and release of new products or enhancements to existing products do not proceed in accordance with the anticipated timeline or may themselves contain bugs, errors, or defects in software or hardware requiring remediation and that the market for the sale of these new or enhanced products may not develop as expected; the timing and availability and cost of raw materials, components, products and other shipping and supply chain constraints and disruptions; unexpected or rapid changes in the growth or decline of our domestic and/or international markets; rapidly evolving and groundbreaking advances that fundamentally alter the dental industry or the way new and existing customers market and provide products and services to consumers; our ability to protect our intellectual property rights; continued compliance with regulatory requirements; the willingness and ability of our customers to maintain and/or increase product utilization in sufficient numbers; our ability to sustain or increase profitability or revenue growth in future periods (or minimize declines) while controlling expenses; expansion of our business and products; the impact of excess or constrained capacity at our manufacturing and treat operations facilities and pressure on our internal systems and personnel; the compromise of our systems or networks, including any customer and/or patient data contained therein, for any reason; the timing of case submissions from our doctor customers within a quarter as well as an increased manufacturing costs per case; and the loss of key personnel, labor shortages, or work stoppages for us or our suppliers. The foregoing and other risks are detailed from time to time in our periodic reports filed with the Securities and Exchange Commission (SEC), including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 28, 2025 and our latest Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 8, 2025. Align undertakes no obligation to revise or update publicly any forward-looking statements for any reason. ALIGN TECHNOLOGY, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net revenues $ 1,012,449 $ 1,028,490 $ 1,991,711 $ 2,025,921 Cost of net revenues 304,332 305,862 603,486 605,477 Gross profit 708,117 722,628 1,388,225 1,420,444 Operating expenses: Selling, general and administrative 448,686 452,262 896,315 904,084 Research and development 96,398 92,193 193,599 184,052 Legal settlement loss — 31,127 4,178 31,127 Total operating expenses 545,084 575,582 1,094,092 1,119,263 Income from operations 163,033 147,046 294,133 301,181 Interest income and other income (expense), net: Interest income 2,859 3,301 8,175 7,693 Other income (expense), net 7,624 (6,481 ) 11,650 (6,622 ) Total interest income and other income (expense), net 10,483 (3,180 ) 19,825 1,071 Net income before provision for income taxes 173,516 143,866 313,958 302,252 Provision for income taxes 48,908 47,302 96,120 100,660 Net income $ 124,608 $ 96,564 $ 217,838 $ 201,592 Net income per share: Basic $ 1.72 $ 1.28 $ 2.98 $ 2.68 Diluted $ 1.72 $ 1.28 $ 2.98 $ 2.68 Shares used in computing net income per share: Basic 72,565 75,184 73,061 75,180 Diluted 72,593 75,223 73,098 75,315 ALIGN TECHNOLOGY, CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 901,157 $ 1,043,887 Accounts receivable, net 1,116,210 995,685 Inventories 243,750 254,287 Prepaid expenses and other current assets 186,941 198,582 Total current assets 2,448,058 2,492,441 Property, plant and equipment, net 1,260,909 1,271,134 Operating lease right-of-use assets, net 116,674 113,376 Goodwill 491,072 442,630 Intangible assets, net 103,485 103,488 Deferred tax assets 1,548,229 1,557,372 Other assets 250,667 234,159 Total assets $ 6,219,094 $ 6,214,600 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 114,434 $ 108,693 Accrued liabilities 563,059 598,188 Deferred revenues 1,317,990 1,331,146 Total current liabilities 1,995,483 2,038,027 Income tax payable 103,558 96,466 Operating lease liabilities 90,474 88,214 Other long-term liabilities 116,800 139,908 Total liabilities 2,306,315 2,362,615 Total stockholders' equity 3,912,779 3,851,985 Total liabilities and stockholders' equity $ 6,219,094 $ 6,214,600 ALIGN TECHNOLOGY, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities $ 181,326 $ 188,491 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (56,768 ) (192,077 ) CASH FLOWS FROM FINANCING ACTIVITIES Net cash used in financing activities (303,055 ) (163,275 ) Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 35,876 (9,196 ) Net decrease in cash, cash equivalents, and restricted cash (142,621 ) (176,057 ) Cash, cash equivalents, and restricted cash at beginning of the period 1,044,963 938,519 Cash, cash equivalents, and restricted cash at end of the period $ 902,342 $ 762,462 ALIGN TECHNOLOGY, BUSINESS METRICS Q1 Q2 Q3 Q4 Fiscal Q1 Q2 2024 2024 2024 2024 2024 2025 2025 Number of Invisalign Trained Doctors Cases Were Shipped To 83,510 86,135 87,380 85,685 130,370 85,275 86,250 Invisalign Trained Doctor Utilization Rates* 7.2 7.5 7.1 7.3 19.1 7.5 7.5 Clear Aligner Revenue Per Case Shipment** $ 1,350 $ 1,295 $ 1,275 $ 1,265 $ 1,295 $ 1,240 $ 1,250 * number of cases shipped / number of doctors to whom cases were shipped** Clear Aligner revenues / Case shipments ALIGN TECHNOLOGY, COMPENSATION(in thousands) Q1 Q2 Q3 Q4 Fiscal Q1 Q2 2024 2024 2024 2024 2024 2025 2025 Stock-based Compensation (SBC): SBC included in Gross Profit $ 2,064 $ 2,582 $ 3,070 $ (721 ) $ 6,995 $ 1,538 $ 1,636 SBC included in Operating Expenses 36,724 44,446 45,969 39,569 166,708 43,459 46,572 Total SBC $ 38,788 $ 47,028 $ 49,039 $ 38,848 $ 173,703 $ 44,997 $ 48,208 ALIGN TECHNOLOGY, GAAP TO NON-GAAP RECONCILIATION+CONSTANT CURRENCY NET REVENUES(in thousands, except percentages) Sequential constant currency analysis: Three Months Ended June 30, 2025 March 31, 2025 Impact % of Revenue GAAP net revenues $ 1,012,449 $ 979,262 Constant currency impact (1) (26,388 ) (2.7 )% Constant currency net revenues (1) $ 986,061 GAAP Clear Aligner net revenues $ 804,617 $ 796,843 Clear Aligner constant currency impact (1) (21,629 ) (2.8 )% Clear Aligner constant currency net revenues (1) $ 782,988 GAAP Imaging Systems and CAD/CAM Services net revenues $ 207,832 $ 182,419 Imaging Systems and CAD/CAM Services constant currency impact (1) (4,759 ) (2.3 )% Imaging Systems and CAD/CAM Services constant currency net revenues (1) $ 203,073 Year-over-year constant currency analysis: Three Months Ended June 30, 2025 2024 Impact % of Revenue GAAP net revenues $ 1,012,449 $ 1,028,490 ... Constant currency impact (1) (5,553 ) (0.6 )% Constant currency net revenues (1) $ 1,006,896 GAAP Clear Aligner net revenues $ 804,617 $ 831,738 Clear Aligner constant currency impact (1) (4,545 ) (0.6 )% Clear Aligner constant currency net revenues (1) $ 800,072 GAAP Imaging Systems and CAD/CAM Services net revenues $ 207,832 $ 196,752 Imaging Systems and CAD/CAM Services constant currency impact (1) (1,008 ) (0.5 )% Imaging Systems and CAD/CAM Services constant currency net revenues (1) $ 206,824 Note:(1) We define constant currency net revenues as total net revenues excluding the effect of foreign exchange rate movements and use it to determine the percentage for the constant currency impact on net revenues on a sequential and year-over-year basis. Constant currency impact in dollars is calculated by translating the current period GAAP net revenues using the foreign currency exchange rates that were in effect during the previous comparable period and subtracting it by the current period GAAP net revenues. The percentage for the constant currency impact on net revenues is calculated by dividing the constant currency impact in dollars (numerator) by constant currency net revenues in dollars (denominator).(+) Changes and percentages are based on actual values. Certain tables may not sum or recalculate due to rounding. Refer to "About Non-GAAP Financial Measures" section of press release. ALIGN TECHNOLOGY, GAAP TO NON-GAAP RECONCILIATION CONTINUED+CONSTANT CURRENCY GROSS PROFIT AND GROSS MARGIN(in thousands, except percentages) Sequential constant currency analysis: Three Months Ended June 30, 2025 March 31, 2025 GAAP gross profit $ 708,117 $ 680,108 Constant currency impact on net revenues (26,388 ) Constant currency gross profit $ 681,728 Three Months Ended June 30, 2025 March 31, 2025 GAAP gross margin 69.9 % 69.5 % Gross margin constant currency impact (1) (0.8 ) Constant currency gross margin (1) 69.1 % Year-over-year constant currency analysis: Three Months Ended June 30, 2025 2024 GAAP gross profit $ 708,117 $ 722,628 Constant currency impact on net revenues (5,553 ) Constant currency gross profit $ 702,564 Three Months Ended June 30, 2025 2024 GAAP gross margin 69.9 % 70.3 % Gross margin constant currency impact (1) (0.2 ) Constant currency gross margin (1) 69.8 % Note:(1) We define constant currency gross margin as constant currency gross profit as a percentage of constant currency net revenues. Gross margin constant currency impact is the increase or decrease in constant currency gross margin compared to the GAAP gross margin.(+) Changes and percentages are based on actual values. Certain tables may not sum or recalculate due to rounding. Refer to "About Non-GAAP Financial Measures" section of press release. ALIGN TECHNOLOGY, GAAP TO NON-GAAP RECONCILIATION CONTINUED+CONSTANT CURRENCY INCOME FROM OPERATIONS AND OPERATING MARGIN(in thousands, except percentages) Sequential constant currency analysis: Three Months Ended June 30, 2025 March 31, 2025 GAAP income from operations $ 163,033 $ 131,100 Income from operations constant currency impact (1) (16,128 ) Constant currency income from operations (1) $ 146,905 Three Months Ended June 30, 2025 March 31, 2025 GAAP operating margin 16.1 % 13.4 % Operating margin constant currency impact (2) (1.2 ) Constant currency operating margin (2) 14.9 % Year-over-year constant currency analysis: Three Months Ended June 30, 2025 2024 GAAP income from operations $ 163,033 $ 147,046 Income from operations constant currency impact (1) (3,232 ) Constant currency income from operations (1) $ 159,801 Three Months Ended June 30, 2025 2024 GAAP operating margin 16.1 % 14.3 % Operating margin constant currency impact (2) (0.2 ) Constant currency operating margin (2) 15.9 % Notes:(1) We define constant currency income from operations as GAAP income from operations excluding the effect of foreign exchange rate movements for GAAP net revenues and operating expenses on a sequential and year-over-year basis. Constant currency impact in dollars is calculated by translating the current period GAAP net revenues and operating expenses using the foreign currency exchange rates that were in effect during the previous comparable period and subtracting it by the current period GAAP net revenues and operating expenses.(2) We define constant currency operating margin as constant currency income from operations as a percentage of constant currency net revenues. Operating margin constant currency impact is the increase or decrease in constant currency operating margin compared to the GAAP operating margin.(+) Changes and percentages are based on actual values. Certain tables may not sum or recalculate due to rounding. Refer to "About Non-GAAP Financial Measures" section of press release. ALIGN TECHNOLOGY, GAAP TO NON-GAAP RECONCILIATION CONTINUED+FINANCIAL MEASURES OTHER THAN CONSTANT CURRENCY(in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP gross profit $ 708,117 $ 722,628 $ 1,388,225 $ 1,420,444 Stock-based compensation 1,636 2,582 3,174 4,646 Amortization of intangibles (1) 3,752 3,678 7,301 7,402 Restructuring charges (2) — — 2,253 — Non-GAAP gross profit $ 713,505 $ 728,888 $ 1,400,953 $ 1,432,492 GAAP gross margin 69.9 % 70.3 % 69.7 % 70.1 % Non-GAAP gross margin 70.5 % 70.9 % 70.3 % 70.7 % GAAP total operating expenses $ 545,084 $ 575,582 $ 1,094,092 $ 1,119,263 Stock-based compensation (46,572 ) (44,446 ) (90,031 ) (81,170 ) Amortization of intangibles (1) (904 ) (875 ) (1,745 ) (1,738 ) Restructuring and other charges (2) — 357 197 357 Legal settlement loss — (31,127 ) (4,178 ) (31,127 ) Non-GAAP total operating expenses $ 497,608 $ 499,491 $ 998,335 $ 1,005,585 GAAP income from operations $ 163,033 $ 147,046 $ 294,133 $ 301,181 Stock-based compensation 48,208 47,028 93,205 85,816 Amortization of intangibles (1) 4,656 4,553 9,046 9,140 Restructuring and other charges (2) — (357 ) 2,056 (357 ) Legal settlement loss — 31,127 4,178 31,127 Non-GAAP income from operations $ 215,897 $ 229,397 $ 402,618 $ 426,907 GAAP operating margin 16.1 % 14.3 % 14.8 % 14.9 % Non-GAAP operating margin 21.3 % 22.3 % 20.2 % 21.1 % GAAP net income before provision for income taxes $ 173,516 $ 143,866 $ 313,958 $ 302,252 Stock-based compensation 48,208 47,028 93,205 85,816 Amortization of intangibles (1) 4,656 4,553 9,046 9,140 Restructuring and other charges (2) — (357 ) 2,056 (357 ) Legal settlement loss — 31,127 4,178 31,127 Non-GAAP net income before provision for income taxes $ 226,380 $ 226,217 $ 422,443 $ 427,978 ALIGN TECHNOLOGY, GAAP TO NON-GAAP RECONCILIATION CONTINUEDFINANCIAL MEASURES OTHER THAN CONSTANT CURRENCY CONTINUED(in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP provision for income taxes $ 48,908 $ 47,302 $ 96,120 $ 100,660 Tax impact on non-GAAP adjustments (3,631 ) (2,059 ) (11,631 ) (15,095 ) Non-GAAP provision for income taxes $ 45,277 $ 45,243 $ 84,489 $ 85,565 GAAP effective tax rate 28.2 % 32.9 % 30.6 % 33.3 % Non-GAAP effective tax rate 20.0 % 20.0 % 20.0 % 20.0 % GAAP net income $ 124,608 $ 96,564 $ 217,838 $ 201,592 Stock-based compensation 48,208 47,028 93,205 85,816 Amortization of intangibles (1) 4,656 4,553 9,046 9,140 Restructuring and other charges (2) — (357 ) 2,056 (357 ) Legal settlement loss — 31,127 4,178 31,127 Tax impact on non-GAAP adjustments 3,631 2,059 11,631 15,095 Non-GAAP net income $ 181,103 $ 180,974 $ 337,954 $ 342,413 GAAP diluted net income per share $ 1.72 $ 1.28 $ 2.98 $ 2.68 Non-GAAP diluted net income per share $ 2.49 $ 2.41 $ 4.62 $ 4.55 Shares used in computing diluted net income per share 72,593 75,223 73,098 75,315 Notes:(1) Amortization of intangible assets related to certain acquisitions.(2) During the fourth quarter 2024, we initiated restructuring plans to reduce headcount and increase efficiencies across the organization and lower the overall cost structure. Restructuring charges are primarily related to severance and other post-employment one-time benefits.(+) Changes and percentages are based on actual values. Certain tables may not sum or recalculate due to rounding. Refer to "About Non-GAAP Financial Measures" section of press release. ALIGN TECHNOLOGY, INC. Q3 2025 OUTLOOK - GAAP TO NON-GAAP RECONCILIATION GAAP gross margin 64.0% - 65.0% Stock-based compensation ~0.1% Amortization of intangibles (1) ~0.5% Asset write-down and Restructuring charges (2) ~5.0% - 6.0% Non-GAAP gross margin Approximately 70.5% GAAP operating margin 10.5% - 11.5% Stock-based compensation ~5.0% Amortization of intangibles (1) ~0.5% Asset write-down and Restructuring charges (2) ~5.0% - 6.0% Non-GAAP operating margin Approximately 22.0% ALIGN TECHNOLOGY, INC. FISCAL 2025 OUTLOOK - GAAP TO NON-GAAP RECONCILIATION GAAP gross margin 67.0% - 68.0% Stock-based compensation ~0.1% Amortization of intangibles (1) ~0.5% Asset write-down and Restructuring charges (2) ~2.0% - 3.0% Non-GAAP gross margin Approximately 70.5% Percentages do not add up due to rounding. GAAP operating margin 13.0% - 14.0% Stock-based compensation ~4.5% Amortization of intangibles (1) ~0.5% Asset write-down and Restructuring charges (2) ~3.5% - 4.5% Legal settlement loss (3) ~0.1% Non-GAAP operating margin Approximately 22.5% Percentages do not add up due to rounding.(1) Amortization of intangible assets related to certain acquisitions(2) Asset write-down, accelerated depreciation and restructuring charges(3) Legal settlement loss from Q1'25 Refer to "About Non-GAAP Financial Measures" section of press release. View source version on Contacts Align TechnologyMadelyn Valente(909) 833-5839mvalente@ Zeno GroupSarah Karlson(828) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
