• QXO average gross margin for 2023 was 38.8%, a 3.89% increase from 2022.
• QXO average gross margin for 2022 was 40.37%, a 5.03% decline from 2021.
• QXO average gross margin for 2021 was 42.51%, a 6.33% 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.