Excel & Spreadsheets: What Visitors See

Excel workbooks (.xlsx, .xls) and CSV files open straight in the browser. Visitors scroll the grid, switch sheets with the tabs at the bottom, and select cells — no Excel install needed. This page covers what they can and can't do, and how to get a model ready before you share it.

What Visitors See

Every sheet, with its tabs along the bottom.
Values, not formulas. The viewer shows each cell's calculated result. There's no formula bar, so the logic behind your model stays private while visitors read it.
Your formatting — number formats, column widths, colours, merged cells.
The dynamic watermark over the grid, if the group has it switched on.

Visitors can't type into cells or change anything in the file.

Formulas and Downloads

What a visitor can take away depends on the group's permission level:

Permission	What the visitor gets
View	The values on screen only. The visitor gets no copy of the file.
Download	Your original workbook, formulas included.

To share a model without exposing how it's built:

Keep the group on View. This is the simplest option. See Permissions: view, download, upload.
Or protect the formulas in Excel before uploading. Select the cells, open Format Cells → Protection, tick Hidden, then Review → Protect Sheet. The formulas stay hidden in any downloaded copy too.
Or upload a values-only copy. Copy the sheet and use Paste Special → Values.

A downloaded workbook is your original file, so it doesn't carry the dynamic watermark. If you need every copy traceable to the person who downloaded it, share the model as a PDF as well. See Which files carry the watermark.

Data Tables and Sensitivities

What-If data tables and sensitivity grids show the results saved in the file. Visitors can't change inputs in the viewer, so nothing recalculates.

Before uploading:

Open the workbook in Excel and make sure calculation has run. If the workbook is set to Automatic except for data tables, press F9.
Save the file.
Upload it, or use Upload a new version to replace the old copy.

Links Inside a Workbook

Links to another sheet or cell work. Click the cell once to select it, then click the link text to jump.
Links to websites open in a new browser tab.
Links to files on your computer (paths like C:\Deals\model.xlsx or file://…) point to your own drive, so visitors can't follow them. Remove them before uploading — they can also stop the spreadsheet from previewing.

Macro-Enabled Workbooks

.xlsm files upload, but macros never run in the viewer. Save a copy as .xlsx, or export the sheets you need as PDF. See Supported file types.

Preparing a Financial Model: Checklist

Recalculate and save, so data tables and sensitivities show current numbers.
Remove links to local files and external workbooks.
Hide or delete working sheets you don't want visitors to read.
Decide View or Download for each group before you share.
Large workbooks load faster with unused sheets and blank formatted ranges removed.

Common Questions

Can visitors see the formulas in my Excel model?

Not while viewing. The viewer shows the calculated values, with no formula bar. If you allow downloads, the downloaded workbook is your original file with formulas, so keep Download off or protect the formulas in Excel before uploading.

Do data tables and sensitivity tables work?

They show the results saved in the workbook. Visitors can't change inputs in the viewer, so recalculate and save in Excel before you upload.

Do links between sheets work?

Yes. Click the cell, then click the link text to jump to the target sheet. Links to websites open in a new tab.

Is the watermark on a downloaded Excel file?

The dynamic watermark shows over the spreadsheet while it's viewed. A downloaded workbook is the original file without a watermark. If you need watermarked copies, share a PDF version.

No. Open the file and use Upload new version. The file keeps its place and its link. See Upload a new version.