• UGI average gross margin for 2023 was 26.47%, a 39.85% increase from 2022.
• UGI average gross margin for 2022 was 44.01%, a 23.43% decline from 2021.
• UGI average gross margin for 2021 was 57.48%, a 15.05% 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.