• Toro average gross margin for 2023 was 34.49%, a 5.51% decline from 2022.
• Toro average gross margin for 2022 was 32.69%, a 6.14% increase from 2021.
• Toro average gross margin for 2021 was 34.83%, a 1.19% 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.