• Brown-Forman average operating margin for 2023 was 26.28%, a 13.86% increase from 2022.
• Brown-Forman average operating margin for 2022 was 30.51%, a 4.51% decline from 2021.
• Brown-Forman average operating margin for 2021 was 31.95%, a 7.77% 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.