FY2025 revenue was **$11,238K**, against **$11,243K** in FY2024. That's a change of **($5K)**, or **(0.04%)**, so revenue was basically flat. Underneath, the effects mostly cancel each other out. The script checked that the price, volume and mix effects add back exactly to the actual change, in total and for every family and segment.

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

**What drove it:**
- **Volume fell.** Total units dropped (3.5%), from 176,462 to 170,256 cartons, which cost ($395K). Every family lost volume, most of all Print Consumables at ($128K) and Paper at ($101K).
- **Price made up most of it.** Paper added $167K from price, including $75K from Paper Mid-Market and $63K from Paper Enterprise. Print Consumables added $125K. Prices fell in Desk Accessories, at ($44K), and Writing Instruments, at ($36K).
- **Units moved away from Enterprise.** Enterprise lost ($749K) in total, mostly a ($627K) mix effect. SMB added $409K and Mid-Market added $335K, mainly from mix. The biggest single loss was Paper Enterprise at ($300K).
- **Writing Instruments** fell the most of any family, losing ($90K) with price, mix and volume all negative.

The data shows what happened but not why. Order-level pricing and discount data would show why prices fell in Writing Instruments and Desk Accessories. Data on Enterprise customers would show why that segment's units dropped.

All amounts are rounded separately, so the bridge rows don't add exactly to the FY2025 total, and not every family row adds up exactly either.

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