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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the data. Using a dataset of companies with revenue, expenses, and net income values calculated by subtracting expenses from revenue, the process begins by selecting the entire dataset. Users copy the data and then access the "Paste Special" option. In the dialog box, selecting the "Values" option allows for pasting only the values, which eliminates the formulas. After completing this action, the formula bar displays only the values, confirming that the formulas have been successfully removed.