• Ryder System average gross margin for 2023 was 19.49%, a 0.56% decline from 2022.
• Ryder System average gross margin for 2022 was 19.6%, a 8.41% decline from 2021.
• Ryder System average gross margin for 2021 was 18.08%, a 30.45% 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.