• AAON average gross margin for 2023 was 31.18%, a 25.57% increase from 2022.
• AAON average gross margin for 2022 was 24.83%, a 11.92% increase from 2021.
• AAON average gross margin for 2021 was 28.19%, a 3.62% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.