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In this Excel tips video, the presenter demonstrates how to quickly remove formulas from an Excel spreadsheet while retaining the underlying data. Using a dataset that includes companies' revenue, expenses, and net income, the tutorial illustrates the process of calculating net income by subtracting expenses from revenue. To remove the formula but keep the net income values, the steps involve selecting the entire dataset, copying it, and then using the "Paste Special" feature. In the dialog box, the presenter selects the "Values" option and clicks OK, which pastes only the values, eliminating the formulas. This ensures that the formula bar displays only the values without any formulas.