• Donaldson average gross margin for 2023 was 33.66%, a 3.12% increase from 2022.
• Donaldson average gross margin for 2022 was 32.64%, a 3.63% increase from 2021.
• Donaldson average gross margin for 2021 was 33.87%, a 0.24% 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.