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In this Excel tips video, the presenter demonstrates how to quickly remove formulas from an Excel sheet while retaining the data. Using a dataset of companies that includes revenue, expenses, and net income calculated by subtracting expenses from revenue, the tutorial explains that the process is straightforward. To remove the formulas, you select the entire dataset, copy it, and then use the "Paste Special" option. In the dialog box, selecting the "Values" option allows you to paste only the values, eliminating the formulas. After this process, the formula bar will display only the values, confirming that the formulas have been successfully removed.