• HP average gross margin for 2023 was 20.37%, a 1.19% increase from 2022.
• HP average gross margin for 2022 was 20.13%, a 0.65% increase from 2021.
• HP average gross margin for 2021 was 20%, a 4.82% 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.