• Telefonica SA average operating margin for 2023 was 8.95%, a 25.97% decline from 2022.
• Telefonica SA average operating margin for 2022 was 12.09%, a 6.61% decline from 2021.
• Telefonica SA average operating margin for 2021 was 11.34%, a 34.68% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.