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 offset a volume decline. The script's check that the effects reconcile to the cent passed.

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

- **Price:** Paper led with $167K, including $75K from Paper Mid-Market and $63K from Paper Enterprise. Print Consumables added $125K.
- **Mix:** Enterprise lost ($627K) while SMB added $399K and Mid-Market added $362K. Paper Enterprise alone lost ($300K).
- **Volume:** Total units fell (3.5%), which accounts for the ($395K). Print Consumables Enterprise was the largest single volume drag at ($79K).
- **Price declines:** Writing Instruments lost ($36K) and Desk Accessories lost ($44K) on price. The data doesn't show why. Discount or customer-level price files would answer it.

The note also has the full by-family table and the source line (18 rows, sha256 `5ced03ec721c`).

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