• Banco Santander, S.A average gross margin for 2023 was 54.49%, a 23.1% decline from 2022.
• Banco Santander, S.A average gross margin for 2022 was 70.86%, a 13.94% decline from 2021.
• Banco Santander, S.A average gross margin for 2021 was 82.34%, a 17.43% 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.