• S&P Global average gross margin for 2023 was 66.25%, a 4.15% increase from 2022.
• S&P Global average gross margin for 2022 was 69.12%, a 5.35% decline from 2021.
• S&P Global average gross margin for 2021 was 73.03%, a 2.27% 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.