• National Fuel Gas average gross margin for 2023 was 80.25%, a 2.4% increase from 2022.
• National Fuel Gas average gross margin for 2022 was 82.22%, a 7.8% decline from 2021.
• National Fuel Gas average gross margin for 2021 was 89.18%, a 4.83% 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.