FY2025 revenue was flat on FY2024 at $11.2M, a change of ($5K) or (0.04%). Price and mix offset a volume decline. The script reconciled to the cent.

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

- **Volume:** Units fell (3.5%), from 176,462 to 170,256. Every family has a negative volume effect, led by Print Consumables at ($128K) and Paper at ($101K).
- **Price:** Price added $256K, mostly in Paper ($167K) and Print Consumables ($125K). Writing Instruments (($36K)) and Desk Accessories (($44K)) went the other way.
- **Mix:** The mix effect is a segment shift. Enterprise lost ($749K), with mix of ($627K), and Paper Enterprise alone took mix of ($300K). SMB added $409K, with mix of $399K. Mid-Market added $335K, with mix of $362K.

The data doesn't show why prices moved or why Enterprise units fell. List-price changes, discounts and Enterprise contract data would answer that.

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