Revenue was flat. FY2025 came in at $11,238K against $11,243K in FY2024, a change of ($5K), or (0.04%). Higher prices and a better mix almost exactly made up for lower unit volume.

The script confirmed that FY2024 plus volume, mix and price equals FY2025 to the cent, in total and for every family and segment. All 18 rows use cartons, so units can be added across rows.

| Step | Amount |
| --- | --- |
| FY2024 | $11,243K |
| Volume | ($395K) |
| Mix | $135K |
| Price | $256K |
| FY2025 | $11,238K |

Each amount is rounded on its own, so the rows don't add exactly to FY2025.

**What drove it:**
- **Volume:** Total units fell from 176,462 to 170,256, a change of (3.5%). That cost ($395K), and every family lost revenue to volume.
- **Mix (shift between segments):** Enterprise lost ($627K) of mix, while SMB added $399K and Mid-Market added $362K. Paper Enterprise had the largest single mix loss at ($300K).
- **Price:** Paper added $167K, led by Paper Mid-Market at $75K, and Print Consumables added $125K. Desk Accessories at ($44K) and Writing Instruments at ($36K) lost on price.
- **By family:** Writing Instruments fell the most, by ($90K). Print Consumables grew the most, by $83K.

The data shows how much each effect moved but not why. To explain why Enterprise volume dropped and smaller segments grew, the next step would be customer-level volume data. To explain the Paper price gains, it would be list-price and discount history.

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