• Brown & Brown average gross margin for 2023 was 48.85%, a 1.31% increase from 2022.
• Brown & Brown average gross margin for 2022 was 48.22%, a 5.91% increase from 2021.
• Brown & Brown average gross margin for 2021 was 45.53%, a 0.04% 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.