• Trane Technologies average gross margin for 2023 was 32.22%, a 4.1% increase from 2022.
• Trane Technologies average gross margin for 2022 was 30.95%, a 2.21% increase from 2021.
• Trane Technologies average gross margin for 2021 was 31.65%, a 4.39% 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.