• Itron average gross margin for 2023 was 31.33%, a 11.69% increase from 2022.
• Itron average gross margin for 2022 was 28.05%, a 3.74% increase from 2021.
• Itron average gross margin for 2021 was 29.14%, a 2.17% 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.