• UWM Holdings average gross margin for 2023 was 85.51%, a 5.36% decline from 2022.
• UWM Holdings average gross margin for 2022 was 90.35%, a 6.07% decline from 2021.
• UWM Holdings average gross margin for 2021 was 96.19%, a 1.31% 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.