• FedEx average gross margin for 2023 was 69.69%, a 1.6% increase from 2022.
• FedEx average gross margin for 2022 was 68.59%, a 2.58% increase from 2021.
• FedEx average gross margin for 2021 was 70.41%, a 0.1% 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.