F4 in Excel for Mac: Absolute References (Cmd+T) and Repeating Your Last Action

Quick answer: In Excel for Mac, click inside a cell reference while editing a formula and press F4 (with Fn if needed) or Cmd+T to cycle it between absolute and relative: $A$1, A$1, $A1 and A1. Microsoft lists Cmd+Y as Redo, which Excel also uses to repeat your last action.
F4 is two shortcuts in one on Windows: it cycles references and it repeats the last action. On a Mac the reference toggle works as described below, and Cmd+Y covers redo and repeat.
Toggle absolute and relative references
Double-click a cell that contains a formula, or select it and press F2.
Place the cursor inside or right after a reference such as A1.
Press F4 (or Fn+F4), or Cmd+T.
Keep pressing to cycle through the four states.
| Presses | Reference | Behaviour when copied |
|---|---|---|
| 0 | A1 | Row and column both change |
| 1 | $A$1 | Row and column both stay fixed |
| 2 | A$1 | Row stays fixed, column changes |
| 3 | $A1 | Column stays fixed, row changes |
Use $A$1 when a formula copied elsewhere must always point to the same cell, such as a tax rate.
F4 does nothing?
Two causes cover most cases: the key needs Fn because function keys are not set as standard, or you are not in edit mode. Fix the first in Function Keys in Excel for Mac: The Fn Setting and the F-Key Shortcuts That Matter, and see Why Doesn't F4 Work in Excel on Mac? for the full troubleshooting list.
Why Cmd+T sometimes creates a table
Microsoft lists Cmd+T both for toggling references and for creating a table. When you are editing a formula it toggles the reference. Outside edit mode, Cmd+T or Ctrl+T creates a table.
Repeat or redo
Cmd+Y is listed by Microsoft as Redo for Excel for Mac. Excel uses the same command to repeat your last action when there is nothing to redo, so look at the Edit menu to see whether it reads Redo or Repeat for your last step.
FAQs
What is F4 on Mac Excel?
It toggles absolute and relative references while you edit a formula. Cmd+T does the same.
Why does F4 not work in Excel for Mac?
Usually it needs Fn, or you are not editing a formula.
What does the dollar sign do in Excel?
It locks the row, the column, or both, so the reference does not change when you copy the formula.