Syntax
Text results need quotation marks ("High"), while numbers and cell references don't. Leaving out the third argument means IF returns FALSE when the condition isn't met, which is rarely what you actually want — it's worth always including an explicit false-branch. For more than one condition, IF formulas can be nested inside each other, though past two or three levels a lookup table or IFS is usually easier to read and maintain.
Examples
Labels a value as High or Low depending on whether it's over 100.
Checks for a blank cell first, so a markup calculation doesn't run on an empty entry.
Combines IF with AND to only flag rows where both conditions are true at once.
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Explain an IF formula →More formulas