• American Express average gross margin for 2023 was 91.42%, a 5.29% decline from 2022.
• American Express average gross margin for 2022 was 96.53%, a 0.29% decline from 2021.
• American Express average gross margin for 2021 was 96.25%, a 2.8% increase 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.