Revenue was essentially flat. It went from $11,243K in FY2024 to $11,238K in FY2025, a change of ($5K), or (0.04%). Underneath that, three effects mostly cancelled each other out:

| Effect | Amount | What it means |
| --- | --- | --- |
| Volume | ($395K) | Total units fell (3.5%), from 176,462 to 170,256 |
| Price | $256K | Higher prices made up about two-thirds of the volume loss |
| Mix | $135K | Units moved toward segments where we charge more |

**Price:** Paper brought in $167K of the price gain, mostly from Mid-Market ($75K) and Enterprise ($63K). Print Consumables added another $125K. Writing Instruments lost ($36K) on price and Desk Accessories lost ($44K).

**The mix did shift, mainly between customer segments rather than products.** Enterprise revenue fell ($749K), of which ($627K) was mix: its units grew more slowly than the company's overall. Paper Enterprise alone accounts for ($300K) of that. SMB added $409K and Mid-Market added $335K, and mix made up almost all of it ($399K and $362K).

**Weak spot:** Writing Instruments fell ($90K) and lost on price, mix and volume at once.

The data shows where these changes happened, not why. Records of list-price changes would show whether the Paper gains came from price increases or smaller discounts. Volumes by Enterprise account would show whether Enterprise lost customers or existing customers bought less.

The figures come from the pack's price-volume-mix script. Volume, mix and price add back to the FY2025 total to the cent, overall and for every product family and segment. All 18 rows are measured in cartons, so units can be added across products. Each amount is rounded on its own, so the rounded rows don't add exactly to the totals.

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