• UPS average gross margin for 2023 was 75.56%, a 3.54% increase from 2022.
• UPS average gross margin for 2022 was 72.98%, a 2.13% increase from 2021.
• UPS average gross margin for 2021 was 74.57%, a 2.07% 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.