FY2025 revenue was $11.2M against $11.2M in FY2024, a change of ($5K), or (0.04%). Revenue was nearly flat, but only because price and mix gains made up for lower volume.

**Bridge**

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

**Drivers**
- **Lower volume:** total units fell (3.5%), from 176,462 to 170,256, which cost ($395K).
- **Shift from Enterprise to smaller customers:** Enterprise revenue fell ($749K), made up of ($627K) mix and ($220K) volume. Paper Enterprise alone accounts for ($300K) of that mix. SMB added $399K of mix and Mid-Market added $362K, as their units grew faster than the company's.
- **Price:** Paper had the largest price effect at $167K, led by Paper Mid-Market at $75K and Paper Enterprise at $63K. Print Consumables added $125K.
- **Weak spot:** Writing Instruments fell ($90K). It was the only family negative on all three effects: price ($36K), mix ($14K) and volume ($40K).

**Open questions:** the data doesn't show why Enterprise units fell, or whether the Paper price gain came from list prices or smaller discounts. Customer-level orders and discount data would answer those.

All figures come from the price-volume-mix script, which confirmed that prior year plus volume, mix and price equals current year to the cent. That holds in total and for every product family and segment. All 18 rows use the same unit (cartons), so units can be added across rows as the method requires. Volume is valued at the company-wide unit growth rate, so a family's volume effect doesn't measure that family's own unit change.

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