FY2025 revenue was flat on FY2024: $11.2M both years, a change of ($5K) or (0.04%). Price gains offset the volume decline, and mix added a smaller amount.

| 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. Every family has a negative volume effect, because volume applies the company-wide unit decline to each row.
- **Mix:** Units moved from Enterprise to the smaller segments. Enterprise fell ($749K), with mix of ($627K). Mid-Market and SMB grew $335K and $409K, almost all of it mix. Paper Enterprise alone lost ($300K) to mix.
- **Price:** Paper led with $167K, followed by Print Consumables at $125K. Writing Instruments and Desk Accessories had negative price effects of ($36K) and ($44K).
- **Open question:** The data does not show why Paper Enterprise units fell or why those two families lost price. Customer-level and discount data would answer both.

I ran the figures through the skill's script. They reconcile to the cent, and every number in the note is copied from the script's output. The note covers the bridge, a by-family table, drivers and data notes.

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