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In this Excel tips video, the tutorial demonstrates how to remove formulas from Excel while retaining the data. The presenter uses an example with a dataset containing revenue, expenses, and net income values, which are calculated using a formula. To remove the formula while keeping the net income values, the steps are as follows: select the entire dataset, copy it, right-click to open the paste special dialog box, choose the "values" option, and click OK. This action pastes the values only, eliminating the formulas. After completing this process, the formula bar will display only the values, confirming the formulas have been successfully removed.