Division V — the state of the business

MV Sport (A2000 division V) is a healthy, stable ~$73M business whose one soft spot is payroll. Recognized (shipped) revenue has held near $73M for two years, the decoration franchise is intact, and — once you strip out the BSN print-on-demand dropship program — the core order book is not fragmenting. What's moved is labor: payroll has risen against flat-to-softening revenue, pushing it toward a quarter of sales. This page makes that case and heads off two misreadings the raw numbers invite.

The one-line take. Shipped revenue is flat (~$73M), the core order book is steady, decoration is intact — but payroll rose +% while revenue slipped, so labor's share of sales climbed from to . The problem is concentrated in payroll.

Are we on track for ~$89M in 2026? No.

It's July 1, 2026 shows of booked orders, and doubling that suggests ~ — which would be a huge jump. That read is wrong three times over:

  1. Wrong basis. The is booked order value (dated when the order is placed), not recognized revenue. Booked value is lumpy: a single prepack program cluster booked on 2026-04-28 (Costco-style "WH-PREPACK" orders, ~$3.6M in two orders) inflates the first half. Recognized (shipped) revenue for 2026 H1 is only .
  2. H1 isn't half. Shipped H1 has historically been / of the full year (2024/2025) — roughly half, so even doubling the right number isn't a jump.
  3. The run-rate is flat-to-down. 2026 H1 shipped () is below both 2025 H1 () and 2024 H1 (). Seasonally adjusted, 2026 projects to ~ — a slight decline from ~$73M, not a climb to $89M.
Recognized revenue = INVOICE_LI_M shipped value by invoice date, division V. The line is flat ~$5–6M/month across all three years — 2026 (red) is not running hot. Booked-order value (used elsewhere in this report for department attribution) sits ~5–7% above shipped because some booked orders cancel or ship the following year; for a partial year it overstates badly, which is why doubling it misleads.

The business at a glance

2026 is year-to-date (Jan–Jun); its shipped figure and payroll ratio are half-year. "Orders ex-BSN" and "core order value" strip the BSN dropship program (next section). 2024 and 2025 are complete years.

The order "explosion" is a POD program, not the core business

The raw order count looks like it jumped +39% in 2025 with orders shrinking — which would signal a labor-heavy fragmentation. It's an artifact. Almost all of it is one customer: the BSN dropship print-on-demand program (A2000 customer BSNS0817AA), a flood of ~1-unit made-on-demand orders that is a large share of order count but ~1% of sales. Per direction, BSN counts toward the top line but is excluded from the order-size / labor analysis — it's a fundamentally different order type.

Left: division-V order count split into the core book (blue) vs the BSN POD dropship program (orange). BSN went 0 → orders in 2025 (~25% of all orders, of sales) and is nearly half of 2026-H1 order count. Right: average order value excluding BSN — steady at –. The core order book isn't shrinking; a high-count, near-zero-revenue POD line was layered on top.

Decoration — the value engine — is holding

MV Sport's edge is decoration (screen print, embroidery, DTG, heat transfer). Invoiced decoration revenue has been stable at ~$8M/yr, and the high-value methods (embroidery especially) are intact — the core capability isn't weakening.

Invoiced decoration services (INVOICE_LI_SERVICES × SERVICE_M, div V). Per-method detail — including embroidery's high revenue-per-order — is on the Payroll & orders page under "Decoration ground truth." (2026 is H1 only.)

The bottom line

Healthy but for payroll. Division V ships ~$73M of decorated apparel a year, holds its decoration franchise, and runs a stable core order book (average order value ~$, not fragmenting). Two cautions on the raw data: 2026 is not tracking to ~$89M — that doubles lumpy booked orders; shipped revenue points to ~, flat-to-down. And the order-count surge is the BSN POD dropship program (~1% of sales), not the core business getting smaller. The single lever that needs attention is labor cost: it now consumes of sales, up from , against revenue that is flat at best. Where that labor sits — by department, per unit and per sales dollar — is on the Payroll & orders page.