• Trex average gross margin for 2023 was 38.77%, a 2.03% increase from 2022.
• Trex average gross margin for 2022 was 38%, a 1.86% increase from 2021.
• Trex average gross margin for 2021 was 38.72%, a 7.55% 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.