diff --git a/crates/model/src/cell.rs b/crates/model/src/cell.rs
index 0ca1dbe74..33186bd26 100644
--- a/crates/model/src/cell.rs
+++ b/crates/model/src/cell.rs
@@ -11,6 +11,7 @@ use crate::style::StyleId;
 
 /// A parsed formula. `text` is the canonical formula text without the leading `=`.
 #[derive(Clone, Debug, PartialEq, Serialize, Deserialize)]
+#[serde(from = "SavedFormula")]
 pub struct Formula {
     pub text: String,
     #[serde(skip)]
@@ -39,15 +40,15 @@ impl Formula {
     pub fn from_expr(e: Expr) -> Formula {
         Formula { text: gridcraft_formula::print(&e), expr: Some(Arc::new(e)), array: None, dynamic: false }
     }
-    /// The parsed expression, re-parsing after deserialization.
+    /// The parsed expression, re-parsing when no tree is cached.
     pub fn expr(&self) -> Option<Expr> {
         self.expr.as_deref().cloned().or_else(|| gridcraft_formula::parse(&self.text).ok())
     }
-    /// The parsed expression without copying it (re-parses after deserialization).
+    /// The parsed expression without copying it (re-parses when no tree is cached).
     pub fn expr_arc(&self) -> Option<Arc<Expr>> {
         self.expr.clone().or_else(|| gridcraft_formula::parse(&self.text).ok().map(Arc::new))
     }
-    /// Runs `f` on the parsed expression, borrowing the cached tree or, after deserialization,
+    /// Runs `f` on the parsed expression, borrowing the cached tree or, when none is cached,
     /// a freshly parsed one that is dropped afterwards. Unlike [`expr`](Self::expr) it never copies
     /// the tree, and unlike [`expr_arc`](Self::expr_arc) it needs no reference count or `Arc`
     /// allocation. `None` when the text does not parse.
@@ -59,6 +60,25 @@ impl Formula {
     }
 }
 
+/// A formula as a saved workbook holds it: the tree is not saved. Reading one parses its text
+/// once and caches the tree, so a workbook opened from JSON does not parse every formula again on
+/// each recalculation. The text is kept as saved, and text that doesn't parse caches nothing, as
+/// [`Formula::new`] does.
+#[derive(Deserialize)]
+struct SavedFormula {
+    text: String,
+    array: Option<RangeRef>,
+    #[serde(default)]
+    dynamic: bool,
+}
+
+impl From<SavedFormula> for Formula {
+    fn from(f: SavedFormula) -> Formula {
+        let expr = gridcraft_formula::parse(&f.text).ok().map(Arc::new);
+        Formula { text: f.text, expr, array: f.array, dynamic: f.dynamic }
+    }
+}
+
 /// A static picture stored as cell content, independent of floating drawing anchors.
 #[derive(Clone, Debug, PartialEq, Serialize, Deserialize)]
 pub struct CellPicture {
@@ -131,3 +151,59 @@ impl Cell {
         }
     }
 }
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use gridcraft_core::CellRef;
+
+    #[test]
+    fn formulas_read_from_json_keep_their_text_and_cache_the_tree() -> Result<(), serde_json::Error> {
+        let mut array = Formula::new("=A1:B2*2");
+        array.array = Some(RangeRef::new(CellRef::new(0, 2), CellRef::new(1, 3)));
+        array.dynamic = true;
+        for f in [Formula::new("=SUM(A1:A3)+'My Sheet'!B2"), Formula::new("=LET(x,A1*2,x+1)"), array] {
+            let back: Formula = serde_json::from_str(&serde_json::to_string(&f)?)?;
+            assert!(back.expr.is_some(), "{}: the tree is cached after reading", f.text);
+            assert_eq!(back, f);
+        }
+        // Saved text is kept as written, even when the canonical print differs, and its tree is
+        // the one the text parses to.
+        let back: Formula = serde_json::from_str(r#"{"text": "sum( a1 , 2 )", "array": null}"#)?;
+        assert_eq!(back.text, "sum( a1 , 2 )");
+        assert!(!back.dynamic);
+        assert_eq!(back.expr.as_deref(), gridcraft_formula::parse("sum( a1 , 2 )").ok().as_ref());
+        assert!(back.expr.is_some());
+        // Text that doesn't parse caches nothing, as `Formula::new` does.
+        let bad = Formula::new("=SUM(");
+        let back: Formula = serde_json::from_str(&serde_json::to_string(&bad)?)?;
+        assert_eq!(back, bad);
+        assert!(back.expr.is_none());
+        Ok(())
+    }
+
+    #[test]
+    fn a_workbook_read_from_json_has_every_formula_tree() -> Result<(), Box<dyn std::error::Error>> {
+        let mut wb = crate::Workbook::new();
+        let mut array = Formula::new("=A1:A3*2");
+        array.array = Some(RangeRef::new(CellRef::new(0, 3), CellRef::new(2, 3)));
+        let sheet = wb.sheet_mut(0).ok_or("no sheet")?;
+        sheet.cells.set(CellRef::new(0, 0), Cell::value(Value::Number(1.0)));
+        sheet.cells.set(CellRef::new(0, 1), Cell::formula(Formula::new("=SUM(A1:A3)")));
+        sheet.cells.set(CellRef::new(1, 1), Cell::formula(Formula::new("=IF(A1>0,\"yes\",\"no\")")));
+        sheet.cells.set(CellRef::new(2, 1), Cell::formula(Formula::new("=SUM(")));
+        sheet.cells.set(CellRef::new(0, 3), Cell::formula(array));
+        let json = serde_json::to_string(&wb)?;
+        let back: crate::Workbook = serde_json::from_str(&json)?;
+        let (before, after) = (wb.sheet(0).ok_or("no sheet")?, back.sheet(0).ok_or("no sheet")?);
+        let mut formulas = 0;
+        for (c, cell) in before.cells.iter() {
+            let (Some(f), Some(read)) = (&cell.formula, after.cell(c).and_then(|cell| cell.formula.as_ref())) else { continue };
+            assert_eq!(read, f, "{c:?}: text, tree and flags as saved");
+            assert_eq!(read.expr.is_some(), gridcraft_formula::parse(&f.text).is_ok(), "{c:?}: every formula that parses has its tree");
+            formulas += 1;
+        }
+        assert_eq!(formulas, 4);
+        Ok(())
+    }
+}