Power Query Merge vs XLOOKUP
Power Query is refreshable ETL; XLOOKUP is a worksheet formula.
Power Query Merge
Use it when
Use Power Query for repeatable large imports and transformations.
XLOOKUP
Use it when
Use XLOOKUP for interactive workbook logic and visible row-level formulas.
Decision rule
Choose the option that matches the real requirement, data size, maintainability needs and compatibility constraints. Avoid selecting a technique only because it is familiar.
Need clarity?Prefer the simpler option that expresses the business rule directly.
Verify before scaling
Run both approaches on a small known dataset if the difference affects financial, inventory or operational decisions. Equivalent-looking techniques can behave differently with duplicates, blanks, NULL values or version constraints.