• BP average gross margin for 2023 was 32.32%, a 16.09% decline from 2022.
• BP average gross margin for 2022 was 27.84%, a 5.72% increase from 2021.
• BP average gross margin for 2021 was 29.53%, a 44.9% 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.