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Align Technology cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$138M in Q3 2026 · $602M over twelve months

Operating cash flow$183M
Capital spending−$45.0M
Free cash flow+$138M
Cash / net income1.4×
Cash conversion cycle135 days

Analysis

In Q3 2026, Align Technology generated $183M of operating cash flow and spent $45.0M on capital projects, leaving free cash flow of $138M. That is $31.1M less than in Q3 2025 ($169M).

Over the twelve months to Sep 30, 2026, operating cash flow was $750M; the largest uses were buybacks ($298M), capital spending ($147M), other investing ($130M); besides operations, cash came from shares issued ($19.9M); the cash balance rose by $140M.

Operating cash flow was $183M against net income of $135M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$39.4M, stock-based pay +$39.0M, deferred revenue −$33.7M.

Its cash conversion cycle was 135 days (receivables 105 + inventory 63 − payables 33).

Free cash flow

Align Technology: free cash flow by quarterAlign Technology: free cash flow by quarter$263MQ4 2024$27.4MQ1 2025$107MQ2 2025$169MQ3 2025$187MQ4 2025$120MQ1 2026$157MQ2 2026$138MQ3 2026
Operating cash flow less capital spending.
Align Technology: operating cash flow against capital spendingAlign Technology: operating cash flow against capital spendingOperating cash flowCapital spending$286M$23.0MQ4 2024$52.7M$25.3MQ1 2025$129M$21.5MQ2 2025$189M$19.8MQ3 2025$223M$35.9MQ4 2025$151M$30.8MQ1 2026$193M$35.7MQ2 2026$183M$45.0MQ3 2026
Latest (Q3 2026): Operating cash flow $183M, Capital spending $45.0M.

Capital allocation, year by year

Align Technology: where the cash came from (up) and went (down), by fiscal yearAlign Technology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.2BFY2021: Shares issued $25.6MFY2021: Capital spending −$401MFY2021: Acquisitions −$8.0MFY2021: Buybacks −$375M$1.2BFY2021FY2022: Operating cash flow $569MFY2022: Shares issued $26.1MFY2022: Capital spending −$292MFY2022: Acquisitions −$12.3MFY2022: Buybacks −$435M$595MFY2022FY2023: Operating cash flow $786MFY2023: Shares issued $26.6MFY2023: Capital spending −$178MFY2023: Buybacks −$592M$812MFY2023FY2024: Operating cash flow $738MFY2024: Shares issued $25.3MFY2024: Capital spending −$116MFY2024: Acquisitions −$77.1MFY2024: Buybacks −$353M$764MFY2024FY2025: Operating cash flow $593MFY2025: Shares issued $21.7MFY2025: Capital spending −$102MFY2025: Buybacks −$466M$615MFY2025
Over these 5 years operating cash flow totalled $3.9B; the largest uses were buybacks ($2.2B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debtnone
Net cash$1.1B

Align Technology funds itself: free cash flow was $602M over the last twelve months, with $1.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Align Technology: sources (+) and uses (−) of cash, Q3 2026Align Technology: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$183MBuybacks−$103MCapital spending−$45.0MCash drawn (+) / kept (−)−$42.3MShares issued$8.2MOther investing−$2.0MExchange rates$1.4MTaxes on employees’ shares−$74K
Align Technology: sources (+) and uses (−) of cash, TTM to Q3 2026Align Technology: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$750MBuybacks−$298MCapital spending−$147MCash drawn (+) / kept (−)−$140MOther investing−$130MTaxes on employees’ shares−$29.4MShares issued$19.9MAcquisitions−$19.0MExchange rates−$4.8M

From profit to cash

Align Technology: net income to operating cash flow, Q3 2026Align Technology: net income to operating cash flow, Q3 2026Net income$135MDepreciation & amortization$39.4MStock-based pay$39.0MDeferred taxes$1.5MOther non-cash$2.3MReceivables−$19.3MInventory−$17.3MPayables$9.3MAccrued liabilities$1.3MDeferred revenue−$33.7MPrepaid and other assets$11.7MIncome taxes payable$2.2MOperating cash flow$183M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261056333135
Q2 2026986536127
Q1 2026966536125
Q4 2025975731123
Q3 20251026131132
Q2 2025987336135
Q1 2025957535135
Q4 2024937834138

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$183M−$45.0M—−$103M$8.2M−$42.3M$138M
Q2 2026$193M−$35.7M—−$66.9M—−$42.9M$157M
Q1 2026$151M−$30.8M−$19.0M−$31.2M$11.7M$35.1M$120M
Q4 2025$223M−$35.9M—−$97.2M—−$90.4M$187M
Q3 2025$189M−$19.8M—−$71.6M$7.8M−$103M$169M
Q2 2025$129M−$21.5M—−$96.0M—−$28.3M$107M
Q1 2025$52.7M−$25.3M—−$201M$13.9M$171M$27.4M
Q4 2024$286M−$23.0M—−$203M—−$2.0M$263M

Align Technology: income statement and cash flow

Align Technology, Q3 2026: revenue $1.0B (+2% year over year), operating margin 16.7%. The chart follows the revenue to costs, profit and cash.

Align Technology: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.