Revenue was flat: FY2025 came in at $11.2M against $11.2M in FY2024, a change of ($5K), or (0.04%). Price and mix gains almost exactly cancelled out lower volume.

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

The script confirmed that the bridge adds up exactly, in total and for every family and segment. Units fell from 176,462 to 170,256, a drop of (3.5%). All rows use the same unit, cartons, so the volume and price figures are comparable across products.

**What drove it:**
- **Paper** gave the biggest price gain, $167K. Paper Mid-Market added $75K and Paper Enterprise added $63K.
- **Enterprise** fell ($749K), mostly from mix of ($627K), as revenue shifted toward smaller customers. **SMB** grew $409K and **Mid-Market** grew $335K, nearly all from mix.
- **Print Consumables** lost the most from volume, ($128K). Its price gain of $125K and mix gain of $86K more than made up for it.
- **Writing Instruments** and **Desk Accessories** were the only families with negative price effects, ($36K) and ($44K). Writing Instruments had the largest family decline, ($90K).

**Open questions this file can't answer:**
- **Lower prices:** discounting and list-price changes would look the same here, so it can't say why Writing Instruments and Desk Accessories lost on price. Deal-level discount data would.
- **Enterprise shift:** it can't say whether Enterprise volume was lost outright or moved to other segments. Customer-level data would show that.

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