Revenue was almost exactly flat: $11.2M in FY2025 against $11.2M in FY2024, a change of ($5K), or (0.04%). Underneath, price and mix offset a drop in volume.

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

Units fell (3.5%), from 176,462 to 170,256 cartons. That drop is the volume effect.

**What drove it**
- **Customers moved from Enterprise to smaller segments.** Enterprise lost ($749K), with ($627K) of that from mix. SMB added $409K and Mid-Market added $335K. Paper Enterprise alone accounted for ($300K) of mix.
- **Paper carried the price gain.** It added $167K of price, led by Paper Mid-Market at $75K and Paper Enterprise at $63K. Volume and mix still left Paper down ($20K).
- **Print Consumables grew most, up $83K.** That came from $125K of price and $86K of mix. It also had the largest volume loss, ($128K).
- **Writing Instruments fell ($90K).** All three effects were negative. Desk Accessories also lost ($44K) on price. The data doesn't show whether these price drops were discounts or list price cuts; the pricing team would need to answer that.

The script confirmed that prior year plus volume, mix and price equals current year to the cent. That holds for the total, every family and every segment. Before relying on the units, I checked that every row is in cartons, as the method requires.

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