• Phillips 66 average gross margin for 2023 was 13.35%, a 29.36% decline from 2022.
• Phillips 66 average gross margin for 2022 was 10.32%, a 28.68% increase from 2021.
• Phillips 66 average gross margin for 2021 was 8.02%, a 26.69% 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.