• Telefonica SA average gross margin for 2023 was 67.35%, a 63.27% increase from 2022.
• Telefonica SA average gross margin for 2022 was 41.25%, a 45.88% increase from 2021.
• Telefonica SA average gross margin for 2021 was 76.22%, a 47.83% 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.