• Equinor average gross margin for 2023 was 59.96%, a 5.11% decline from 2022.
• Equinor average gross margin for 2022 was 63.19%, a 6.27% decline from 2021.
• Equinor average gross margin for 2021 was 59.46%, a 10.25% 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.