• Valero Energy average gross margin for 2023 was 10.17%, a 41.84% decline from 2022.
• Valero Energy average gross margin for 2022 was 7.17%, a 487.7% increase from 2021.
• Valero Energy average gross margin for 2021 was 1.22%, a 22.29% increase 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.