FY2025 revenue was $11,238K against $11,243K in FY2024, a change of ($5K), or (0.04%). The script's check passed: price, volume and mix reconcile to the cent in total and for every family and segment.

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

The figures are rounded individually, so the rows don't add exactly.

- **Price and volume offset.** Price added $256K, but volume lost ($395K). Mix added back $135K.
- **Paper is the main story.** Paper Mid-Market added $75K from price and Paper Enterprise added $63K. Paper Enterprise also lost ($300K) to mix, the largest mix movement. Paper SMB and Paper Mid-Market added $118K and $98K.
- **Mix shift away from Enterprise.** Enterprise lost ($627K) to mix. SMB added $399K and Mid-Market added $362K.
- **Print Consumables lost the most to volume.** It lost ($128K), of which Print Consumables Enterprise lost ($79K).
- **Price fell in two families.** Writing Instruments lost ($36K) and Desk Accessories lost ($44K) on price.

The data doesn't show why Paper volume moved from Enterprise to the smaller segments, or why Print Consumables Enterprise volume fell. Sales data on lost accounts would answer that.

I wrote the figures to `output/pvm.json` and the commentary note to `output/pvm-note.md`.