FY2025 revenue was $11.2M, the same as FY2024's $11.2M, a change of ($5K), or (0.04%). Volume pulled revenue down and price and mix pushed it back up. The script confirmed that FY2024 plus volume, mix and price equals FY2025 to the cent, in total and for every family and segment.

| Step | Amount |
| --- | --- |
| FY2024 | $11.2M |
| Volume | ($395K) |
| Mix | $135K |
| Price | $256K |
| FY2025 | $11.2M |

- **Volume, ($395K):** Units fell (3.5%), from 176,462 to 170,256 cartons. Every family lost revenue to volume, and Print Consumables lost the most at ($128K).
- **Mix, $135K, a shift away from Enterprise:** Enterprise lost ($627K) of mix while SMB gained $399K and Mid-Market gained $362K. Overall, Enterprise revenue fell ($749K), SMB grew $409K and Mid-Market grew $335K. Most of the shift was in Paper: Paper Enterprise lost ($300K) of mix, Paper SMB gained $118K and Paper Mid-Market gained $98K.
- **Price, $256K:** Most of this came from Paper ($167K) and Print Consumables ($125K). The largest single gains were Paper Mid-Market at $75K and Paper Enterprise at $63K.
- **Writing Instruments fell ($90K)** and lost revenue on all three effects: price ($36K), mix ($14K) and volume ($40K). Desk Accessories also lost to price, at ($44K).

The data shows where Enterprise lost units but not why. Customer-level volumes for Enterprise, especially in Paper, would show whether the cause was lost accounts or smaller orders.

Files are in `output/`:
- pvm.json
- pvm-note.md