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That can depend on the formula and there are different things you could be referring to. One way of looking at how formulas operate is in regard to the way the order of operations happen. These are the rules set out in mathematics as to how calculations are done. Things inside brackets are normally done first, then things that use power of or exponentiation. Then multiplications and divisions are done. Reading left to right, multiplications are done in order they are found, as they have equal precedence. Finally additions and subtractions are done, also on a left to right basis. The order of operations can be changed by having some things in brackets. So an addition that is inside a bracket will be done before a multiplication that is done outside it. A number of acronyms are used to help people remember.

BOMDAS - Brackets, Of, Multiplication, Division, Addition, Subtraction.

PEMDAS - Parentheses, Exponentiation, Multiplication, Division, Addition, Subtraction.

"Please Excuse Me Dear Aunt Sally" is used as a way of remembering that acronym.

Another element of formulas are functions that are nested, meaning functions that are inside other functions. The inside functions are always calculated first.

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Q: How are formulas evaluated first in Excel?
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