• Honeywell average gross margin for 2023 was 37.62%, a 0.53% decline from 2022.
• Honeywell average gross margin for 2022 was 37.82%, a 14.81% decline from 2021.
• Honeywell average gross margin for 2021 was 32.94%, a 0.55% 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.