• Lennox average gross margin for 2023 was 29.46%, a 6.97% increase from 2022.
• Lennox average gross margin for 2022 was 27.54%, a 5.78% increase from 2021.
• Lennox average gross margin for 2021 was 29.23%, a 4.21% 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.