• Baker Hughes average gross margin for 2024 was 21.25%, a 1.92% decline from 2023.
• Baker Hughes average gross margin for 2023 was 20.85%, a 1.76% increase from 2022.
• Baker Hughes average gross margin for 2022 was 20.49%, a 12.89% increase from 2021.

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.