• Ambev S.A average operating margin for 2023 was 22.55%, a 2.08% increase from 2022.
• Ambev S.A average operating margin for 2022 was 23.03%, a 13.91% decline from 2021.
• Ambev S.A average operating margin for 2021 was 26.75%, a 2.59% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.