• Central Japan Railway average gross margin for 2023 was 26.01%, a 18.1% increase from 2022.
• Central Japan Railway average gross margin for 2022 was 31.76%, a 16.33% decline from 2021.
• Central Japan Railway average gross margin for 2021 was 37.96%, a 17.05% decline 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.