Revenue was almost unchanged: $11.2M in FY2025 against $11.2M in FY2024, a change of ($5K), or (0.04%). Underneath that, lower volume and higher prices largely cancelled out.

The script checked that FY2024 plus volume, mix and price equals FY2025 to the cent, in total and for every family and segment. Every row in the file uses the same unit (cartons), so units can be added across rows and the volume effect is valid.

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

- **Volume:** total units fell (3.5%), from 176,462 to 170,256.
- **Mix:** sales moved from Enterprise to smaller customers. Enterprise fell ($749K) overall, including ($627K) of mix. SMB gained $399K of mix and Mid-Market $362K. Paper shows this most clearly: Paper Enterprise mix was ($300K), against $118K for Paper SMB and $98K for Paper Mid-Market.
- **Price:** Paper added the most, $167K, mainly from Paper Mid-Market at $75K and Paper Enterprise at $63K. Print Consumables added $125K. Desk Accessories at ($44K) and Writing Instruments at ($36K) were the only families where price lowered revenue.

The data doesn't say why prices fell in those two families. Deal-level pricing or discount data would show whether it came from discounts or list-price cuts.

The note includes the per-family table. The input was 18 rows, sha256 `5ced03ec721c`.

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