Revenue was flat: FY2025 was $11,238K against $11,243K in FY2024, a change of ($5K), or (0.04%). The price, volume and mix effects reconcile to the cent. Price and mix gains offset a volume decline.

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

The rounded amounts don't add exactly to FY2025, because each is rounded on its own.

- **Volume:** Units fell 3.5%, from 176,462 to 170,256. Every family lost volume. The largest losses were Print Consumables at ($128K) and Paper at ($101K).
- **Price:** Price added $256K. Paper added $167K and Print Consumables added $125K. Writing Instruments and Desk Accessories moved the other way, at ($36K) and ($44K).
- **Mix:** The mix effect is a shift of sales away from Enterprise. Enterprise lost ($627K) on mix, while SMB added $399K and Mid-Market added $362K. Paper Enterprise alone lost ($300K).
- **Open question:** The data doesn't show why Enterprise units fell. Enterprise contract and customer records would answer it.

The note has the by-family table, the drivers and the data notes. The data notes give the file name, 18 rows and the hash.

Files are in /tmp/spb-price-volume-mix-fy25-claude-a67ga4oe/output:
- pvm-note.md
- pvm.json