• Lowe's average gross margin for 2023 was 33.24%, a 0.42% decline from 2022.
• Lowe's average gross margin for 2022 was 33.38%, a 1.06% decline from 2021.
• Lowe's average gross margin for 2021 was 33.03%, a 1.72% 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.