FY2025 revenue was $11.2M, against $11.2M in FY2024. The change was ($5K), or (0.04%). Units fell (3.5%), from 176,462 to 170,256, which cost ($395K) of volume. Price gains of $256K and mix gains of $135K offset almost all of that loss.

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

**What drove it**
- **Customers moved from Enterprise to smaller segments.** Enterprise revenue fell ($749K), and ($627K) of that was mix. SMB added $399K of mix and Mid-Market added $362K.
- **Paper and Print Consumables carried most of the price gain.** Paper added $167K of price, led by Paper Mid-Market at $75K and Paper Enterprise at $63K. Print Consumables added $125K.
- **Paper Enterprise had the largest mix loss, at ($300K).** Paper SMB, at $118K, and Paper Mid-Market, at $98K, made up part of it.
- **Writing Instruments and Desk Accessories had lower prices.** Writing Instruments fell ($90K) with price at ($36K). Desk Accessories fell ($35K) with price at ($44K). They are the only two families where price was negative. Customer-level pricing data would show whether discounts or lost accounts caused this.

The script checked that FY2024 plus volume, mix and price equals FY2025 exactly, in total and for every family and segment. All 18 rows use cartons, so units can be added across rows.

Each family's volume effect assumes its units moved at the company-wide rate of (3.5%). What each family actually gained or lost beyond that rate is in its mix figure.

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