• Moody's average operating margin for 2023 was 33.99%, a 11.46% increase from 2022.
• Moody's average operating margin for 2022 was 38.39%, a 17.48% decline from 2021.
• Moody's average operating margin for 2021 was 46.52%, a 4.19% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.