I was told by an engineer at Microsoft that Excel's formula interpreter is essentially a kind of bytecode-based stack machine. This came up in the context of a bug I found (while working on a project with Microsoft) that revealed that not only was there a small floating-point bug in some calculations, but (improbably, to me) that Excel preserved this inaccuracy across architectures for decades. So the bytecode interpreter made sense. That said, I've never seen this implementation myself, so it may still be rumor.