• Fastenal average gross margin for 2023 was 45.7%, a 1.4% decline from 2022.
• Fastenal average gross margin for 2022 was 46.35%, a 1.27% decline from 2021.
• Fastenal average gross margin for 2021 was 45.77%, a 0.72% 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.