Although Excel formulas are fast and light but they make file heavy if there are too many complex formulas. We often use formulas to pull or calculate some calculations that is only for one time and does not need to be dynamic. Identify such formulas and value paste them. This will reduce the file size.

What increases file size in Excel?

Actually, there are all sorts of reasons that the workbook size could have jumped. One is that you've added some additional objects to the workbook that were not there before, such as graphics objects. It is also possible that changes in any macros attached to the workbook could have greatly increased the file size.

Why is my Excel file so large with little data?

Another reason for large file size is having many unused or hidden worksheets in your Workbook. Each Excel Worksheet has it's own share of metadata, more importantly, however, you may be keeping sheets with similar datasets, copies or unnecessary Pivot Tables that also take up a lot of space.