diff --git a/crates/xlsx/src/styles.rs b/crates/xlsx/src/styles.rs
index e80f5928e..f25424d59 100644
--- a/crates/xlsx/src/styles.rs
+++ b/crates/xlsx/src/styles.rs
@@ -393,12 +393,14 @@ pub fn read_styles(root: &El, checkboxes: &[bool], minor_font: &str) -> StylesIn
             }
         }
     }
-    let dxfs = root.child("dxfs").map(|d| d.kids("dxf").map(|x| read_dxf(x, &palette, &shared_fmts)).collect()).unwrap_or_default();
+    // Inline dxf format codes are interned: a code repeated by many dxfs is one allocation.
+    let mut inline_fmts = HashMap::new();
+    let dxfs = root.child("dxfs").map(|d| d.kids("dxf").map(|x| read_dxf(x, &palette, &shared_fmts, &mut inline_fmts)).collect()).unwrap_or_default();
     StylesIn { xfs, dxfs, palette, named, num_fmts: fmts }
 }
 
 /// One differential format (`dxf`): the style it sets over a cell's own.
-fn read_dxf(x: &El, palette: &[u32], fmts: &HashMap<u32, NumFmt>) -> Style {
+fn read_dxf<'a>(x: &'a El, palette: &[u32], fmts: &HashMap<u32, NumFmt>, inline_fmts: &mut HashMap<&'a str, NumFmt>) -> Style {
     let mut s = Style::default();
     if let Some(e) = x.child("font") {
         let f = read_font(e, palette);
@@ -421,7 +423,7 @@ fn read_dxf(x: &El, palette: &[u32], fmts: &HashMap<u32, NumFmt>) -> Style {
     }
     if let Some(n) = x.child("numFmt") {
         if let Some(code) = n.attr("formatCode") {
-            s.num_fmt = NumFmt::new(code);
+            s.num_fmt = inline_fmts.entry(code).or_insert_with(|| NumFmt::new(code)).clone();
         } else if let Some(id) = n.attr_u32("numFmtId") {
             s.num_fmt = num_fmt_code(id, fmts);
         }
diff --git a/crates/xlsx/src/tests/fixtures.rs b/crates/xlsx/src/tests/fixtures.rs
index 76f40851b..7a5cc5676 100644
--- a/crates/xlsx/src/tests/fixtures.rs
+++ b/crates/xlsx/src/tests/fixtures.rs
@@ -869,3 +869,17 @@ fn every_skipped_drawing_object_is_reported() {
         assert_eq!(hits, 1, "object {n}: {:?}", rep.warnings);
     }
 }
+
+/// A number format code repeated by many differential formats is read into one allocation.
+#[test]
+fn inline_dxf_number_formats_are_shared() {
+    let code = format!("0.00{}", " \"x\"".repeat(50));
+    let dxfs: String = (0..3).map(|_| format!(r#"<dxf><numFmt numFmtId="170" formatCode="{}"/></dxf>"#, code.replace('"', "&quot;"))).collect();
+    let styles =
+        format!(r#"<styleSheet xmlns="http://schemas.openxmlformats.org/spreadsheetml/2006/main"><dxfs count="3">{dxfs}</dxfs></styleSheet>"#);
+    let root = crate::xml::parse(styles.as_bytes()).unwrap();
+    let read = crate::styles::read_styles(&root, &[], "Calibri");
+    assert_eq!(read.dxfs.len(), 3);
+    assert_eq!(read.dxfs[0].num_fmt.as_str(), code);
+    assert!(read.dxfs.iter().all(|d| std::sync::Arc::ptr_eq(&d.num_fmt.0, &read.dxfs[0].num_fmt.0)));
+}