diff --git a/crates/calc/src/eval/call.rs b/crates/calc/src/eval/call.rs
index 8ac58c8d1..848762ab9 100644
--- a/crates/calc/src/eval/call.rs
+++ b/crates/calc/src/eval/call.rs
@@ -203,9 +203,9 @@ impl<'h> Evaluator<'h> {
         let index = self.value(&args[0]);
         if let Value::Array(_) = index {
             let Some(spec) = gridcraft_functions::lookup("CHOOSE") else { return err(CellError::Name) };
-            let mut evaluated = vec![Arg { value: index, from_ref: false }];
+            let mut evaluated = vec![Arg::val(index)];
             for argument in &args[1..] {
-                evaluated.push(Arg { value: self.value(argument), from_ref: false });
+                evaluated.push(Arg::val(self.value(argument)));
             }
             let mut context = FnCtx { ev: self, criteria: None, lambda: None };
             return gridcraft_functions::call(spec, &evaluated, &mut context).pipe(Ev::V);
@@ -351,7 +351,9 @@ impl<'h> Evaluator<'h> {
                 }
                 ev => self.deref(ev),
             };
-            evaluated.push(Arg { value, from_ref });
+            // Only an argument left out (`f(a,,b)`) is omitted; one that computes a blank is given.
+            let blank_value = !from_ref && value == Value::Empty && lambda_at != Some(i) && !matches!(a, Expr::Missing);
+            evaluated.push(Arg { value, from_ref, blank_value });
         }
         let mut ctx = FnCtx { ev: self, criteria, lambda };
         gridcraft_functions::call(spec, &evaluated, &mut ctx).pipe(Ev::V)
@@ -414,7 +416,7 @@ impl<'h> Evaluator<'h> {
         let (Some(sum), Some(count)) = (gridcraft_functions::lookup("SUM"), gridcraft_functions::lookup("COUNT")) else {
             return Err(err(CellError::Name));
         };
-        let args = [Arg { value, from_ref }];
+        let args = [Arg { value, from_ref, blank_value: false }];
         if kind != Agg::Count {
             match gridcraft_functions::call(sum, &args, &mut FnCtx { ev: self, criteria: None, lambda: None }) {
                 Value::Number(n) => acc.sum += n,
diff --git a/crates/calc/src/eval/reference_fns.rs b/crates/calc/src/eval/reference_fns.rs
index 4f5154c2d..6bef99732 100644
--- a/crates/calc/src/eval/reference_fns.rs
+++ b/crates/calc/src/eval/reference_fns.rs
@@ -203,7 +203,7 @@ impl<'h> Evaluator<'h> {
             let horizontal = l.range.height() == 1 && l.range.width() > 1;
             let same_len = if vertical { r.range.height() == l.range.height() } else { r.range.width() == l.range.width() };
             if !matches!(key, Value::Array(_)) && (vertical || horizontal) && same_len {
-                let mut xargs = vec![Arg { value: key, from_ref: false }, Arg { value: self.area_value(&l), from_ref: true }];
+                let mut xargs = vec![Arg::val(key), Arg::reference(self.area_value(&l))];
                 // An empty match_mode before a given search_mode is the default (0), not the end.
                 let given = |i: usize| args.get(i).is_some_and(|e| !matches!(e, Expr::Missing));
                 let last = if given(5) {
@@ -215,10 +215,11 @@ impl<'h> Evaluator<'h> {
                 };
                 for i in 4..=last {
                     match args.get(i) {
-                        Some(Expr::Missing) | None => xargs.push(Arg { value: Value::Number(0.0), from_ref: false }),
+                        Some(Expr::Missing) | None => xargs.push(Arg::val(Value::Number(0.0))),
                         Some(e) => {
                             let value = self.value(e);
-                            xargs.push(Arg { value, from_ref: false });
+                            let blank_value = value == Value::Empty;
+                            xargs.push(Arg { value, from_ref: false, blank_value });
                         }
                     }
                 }
diff --git a/crates/calc/src/tests.rs b/crates/calc/src/tests.rs
index 8784a8d69..524c10c0a 100644
--- a/crates/calc/src/tests.rs
+++ b/crates/calc/src/tests.rs
@@ -1826,6 +1826,54 @@ fn trim_references() {
     assert_eq!(t.get("K20"), Value::Error(CellError::Calc));
 }
 
+#[test]
+fn lookup_of_an_empty_cell_stays_blank() {
+    // #374: B1 (the value for key "k") is empty.
+    let mut t = T::new();
+    t.set("A1", "k");
+    t.set("A2", "j");
+    t.set("B2", "v");
+    for (at, f, want) in [
+        ("D2", "=\"x\"&VLOOKUP(\"k\",A1:B2,2,0)&\"y\"", Value::from("xy")),
+        ("D3", "=CONCATENATE(\"x\",VLOOKUP(\"k\",A1:B2,2,0),\"y\")", Value::from("xy")),
+        ("D4", "=ISBLANK(XLOOKUP(\"k\",A1:A2,B1:B2))", Value::Bool(true)),
+        ("D5", "=\"x\"&XLOOKUP(\"k\",A1:A2,B1:B2)&\"y\"", Value::from("xy")),
+        // A bare lookup still shows 0, like a reference to an empty cell.
+        ("D8", "=VLOOKUP(\"k\",A1:B2,2,0)", Value::Number(0.0)),
+        // Arithmetic still reads the blank as 0.
+        ("D9", "=VLOOKUP(\"k\",A1:B2,2,0)+1", Value::Number(1.0)),
+        // A blank lookup given as an argument is still given, not omitted.
+        ("D10", "=FILTER(1,FALSE,VLOOKUP(\"k\",A1:B2,2,FALSE))", Value::Number(0.0)),
+        ("D11", "=XLOOKUP(\"z\",A1:A2,B1:B2,VLOOKUP(\"k\",A1:B2,2,0))", Value::Number(0.0)),
+        // The same holds per element when the call is lifted over an array of blank lookups.
+        ("D12", "=CEILING.MATH(6.7,VLOOKUP(\"k\",A1:B2,2,0))", Value::Number(0.0)),
+        ("D13", "=SUM(CEILING.MATH(6.7,VLOOKUP({\"k\",\"k\"},A1:B2,2,0)))", Value::Number(0.0)),
+        ("D14", "=FLOOR.MATH(6.7,VLOOKUP(\"k\",A1:B2,2,0))", Value::Number(0.0)),
+        ("D15", "=SUM(FLOOR.MATH(6.7,VLOOKUP({\"k\",\"k\"},A1:B2,2,0)))", Value::Number(0.0)),
+    ] {
+        t.set(at, f);
+        assert_eq!(t.get(at), want, "{f}");
+    }
+}
+
+#[test]
+fn blank_lookup_values_match_excel_windows_observation() {
+    // Excel 365 Windows 2609, build 16.0.20430.20032, black-box check 2026-10-13:
+    // A1="k", B1 and A2 genuinely empty.
+    // All three value lookups preserve blankness inside ISBLANK/concatenation.
+    let mut t = T::new();
+    t.set("A1", "k");
+    for (at, f, want) in [
+        ("D1", "=ISBLANK(VLOOKUP(\"k\",A1:B1,2,FALSE))", Value::Bool(true)),
+        ("D2", "=ISBLANK(HLOOKUP(\"k\",A1:A2,2,FALSE))", Value::Bool(true)),
+        ("D3", "=ISBLANK(LOOKUP(\"k\",A1:A1,B1:B1))", Value::Bool(true)),
+        ("D4", "=\"x\"&HLOOKUP(\"k\",A1:A2,2,FALSE)&\"y\"", Value::from("xy")),
+    ] {
+        t.set(at, f);
+        assert_eq!(t.get(at), want, "{f}");
+    }
+}
+
 #[test]
 fn cell_width_is_the_column_width_dialog_value_rounded() {
     // #735: Excel 365 values. Widths in px as `home.columnWidth {"chars"}` sets them
diff --git a/crates/functions/src/info.rs b/crates/functions/src/info.rs
index 309f0323e..82eda5828 100644
--- a/crates/functions/src/info.rs
+++ b/crates/functions/src/info.rs
@@ -91,7 +91,7 @@ fn na(_a: &[Arg], _c: &mut dyn Ctx) -> R<Value> {
 fn n_fn(a: &[Arg], _c: &mut dyn Ctx) -> R<Value> {
     // N(range) reads the range's first cell, but a computed array (N(A1:A3>0), N({...})) is
     // converted element by element, so N can stand in for `--` inside SUMPRODUCT.
-    if let Some(Arg { value: Value::Array(arr), from_ref: false }) = a.first() {
+    if let Some(Arg { value: Value::Array(arr), from_ref: false, .. }) = a.first() {
         let data = arr.data.iter().map(|v| n_of(v.clone()).unwrap_or_else(Value::Error)).collect();
         return Array::new(arr.rows, arr.cols, data).map(Value::from).ok_or(CellError::Calc);
     }
diff --git a/crates/functions/src/lib.rs b/crates/functions/src/lib.rs
index ab50fe62f..9555ec1a7 100644
--- a/crates/functions/src/lib.rs
+++ b/crates/functions/src/lib.rs
@@ -87,16 +87,19 @@ pub use stat::{aggregate_values, aggregate_values_k};
 pub struct Arg {
     pub value: Value,
     pub from_ref: bool,
+    /// A written argument whose value came out blank (a lookup of an empty cell): given, not
+    /// omitted, although its value is `Value::Empty`.
+    pub blank_value: bool,
 }
 
 impl Arg {
     /// A literal (non-reference) argument.
     pub fn val(value: impl Into<Value>) -> Arg {
-        Arg { value: value.into(), from_ref: false }
+        Arg { value: value.into(), from_ref: false, blank_value: false }
     }
     /// An argument that came from a cell or range reference.
     pub fn reference(value: impl Into<Value>) -> Arg {
-        Arg { value: value.into(), from_ref: true }
+        Arg { value: value.into(), from_ref: true, blank_value: false }
     }
 }
 
diff --git a/crates/functions/src/lift.rs b/crates/functions/src/lift.rs
index ea7f07fd9..d474bf12d 100644
--- a/crates/functions/src/lift.rs
+++ b/crates/functions/src/lift.rs
@@ -50,12 +50,7 @@ fn reject_multi_cell_refs(spec: &FnSpec, args: &[Arg]) -> Option<Vec<Arg>> {
     if !args.iter().enumerate().any(|(i, a)| multi(i, a)) {
         return None;
     }
-    Some(
-        args.iter()
-            .enumerate()
-            .map(|(i, a)| if multi(i, a) { Arg { value: Value::Error(CellError::Value), from_ref: false } } else { a.clone() })
-            .collect(),
-    )
+    Some(args.iter().enumerate().map(|(i, a)| if multi(i, a) { Arg::val(Value::Error(CellError::Value)) } else { a.clone() }).collect())
 }
 
 /// Lookups whose every call searches a lookup vector from its start, so a call lifted over `n`
@@ -120,6 +115,8 @@ pub(crate) fn call_lifted(spec: &FnSpec, args: &[Arg], ctx: &mut dyn Ctx) -> Val
                 {
                     let v = arr.get_broadcast(r, c);
                     slot.value = if let Value::Array(inner) = &v { inner.data.first().cloned().unwrap_or(Value::Empty) } else { v };
+                    // A blank element of a written array argument is given, as a scalar blank is.
+                    slot.blank_value = !slot.from_ref && matches!(slot.value, Value::Empty);
                 }
             }
             let out = (spec.imp)(&cell_args, ctx);
diff --git a/crates/functions/src/lookup.rs b/crates/functions/src/lookup.rs
index 17c177d15..6652e00b1 100644
--- a/crates/functions/src/lookup.rs
+++ b/crates/functions/src/lookup.rs
@@ -132,11 +132,6 @@ fn row(a: &Array, r: usize) -> Vec<Value> {
     (0..a.cols).map(|c| a.get(r, c).cloned().unwrap_or(Value::Empty)).collect()
 }
 
-/// A looked-up cell value: blanks read as 0 like a reference to an empty cell.
-fn cell_result(v: Value) -> Value {
-    if matches!(v, Value::Empty) { Value::Number(0.0) } else { v }
-}
-
 // ---------------------------------------------------------------------------------------------
 // VLOOKUP / HLOOKUP / LOOKUP / MATCH
 
@@ -160,7 +155,9 @@ fn vh_lookup(args: &[Arg], vertical: bool) -> R<Value> {
     let pos = if approx { bsearch_last(&x, &keys, false) } else { find_exact(&x, &keys, true, false) };
     let pos = pos.ok_or(CellError::NA)?;
     let v = if vertical { table.get(pos, idx) } else { table.get(idx, pos) };
-    Ok(cell_result(v.cloned().unwrap_or(Value::Empty)))
+    // An empty target stays blank, as in Excel: ISBLANK sees it as blank and `&` /
+    // CONCATENATE treat it as ""; only a formula's final result displays 0 (#374).
+    Ok(v.cloned().unwrap_or(Value::Empty))
 }
 
 fn vlookup(a: &[Arg], _c: &mut dyn Ctx) -> R<Value> {
@@ -193,18 +190,18 @@ fn lookup(args: &[Arg], _c: &mut dyn Ctx) -> R<Value> {
         } else {
             None
         };
-        return v.map(cell_result).ok_or(CellError::NA);
+        return v.ok_or(CellError::NA);
     }
     // Array form: search the first row of a wide array, else the first column; return the
     // matching entry from the last row / column.
     if la.cols > la.rows {
         let keys = row(&la, 0);
         let pos = bsearch_last(&x, &keys, false).ok_or(CellError::NA)?;
-        Ok(cell_result(la.get(la.rows - 1, pos).cloned().unwrap_or(Value::Empty)))
+        Ok(la.get(la.rows - 1, pos).cloned().unwrap_or(Value::Empty))
     } else {
         let keys = column(&la, 0);
         let pos = bsearch_last(&x, &keys, false).ok_or(CellError::NA)?;
-        Ok(cell_result(la.get(pos, la.cols - 1).cloned().unwrap_or(Value::Empty)))
+        Ok(la.get(pos, la.cols - 1).cloned().unwrap_or(Value::Empty))
     }
 }
 
@@ -325,13 +322,13 @@ fn xlookup(args: &[Arg], _c: &mut dyn Ctx) -> R<Value> {
             if vertical {
                 let r = row(&ra, p);
                 if r.len() == 1 {
-                    return Ok(cell_result(r.into_iter().next().unwrap_or(Value::Empty)));
+                    return Ok(r.into_iter().next().unwrap_or(Value::Empty));
                 }
                 array_val(1, r.len(), r)
             } else {
                 let c = column(&ra, p);
                 if c.len() == 1 {
-                    return Ok(cell_result(c.into_iter().next().unwrap_or(Value::Empty)));
+                    return Ok(c.into_iter().next().unwrap_or(Value::Empty));
                 }
                 array_val(c.len(), 1, c)
             }
@@ -595,7 +592,8 @@ mod tests {
         is_err(ev("VLOOKUP", vec![n(4.0), rf(table()), n(2.0), b(false)]), CellError::NA);
         is_err(ev("VLOOKUP", vec![n(4.0), rf(table()), n(2.0), empty()]), CellError::NA);
         close(ev("VLOOKUP", vec![n(3.0), rf(table()), n(3.0), b(false)]), 30.0);
-        close(ev("VLOOKUP", vec![n(5.0), rf(table()), n(3.0), b(false)]), 0.0);
+        // An empty target stays blank (the cell displays 0 only as a final result) (#374).
+        assert_eq!(ev("VLOOKUP", vec![n(5.0), rf(table()), n(3.0), b(false)]), Value::Empty);
         is_err(ev("VLOOKUP", vec![n(3.0), rf(table()), n(4.0)]), CellError::Ref);
         is_err(ev("VLOOKUP", vec![n(3.0), rf(table()), n(0.0)]), CellError::Value);
         close(ev("VLOOKUP", vec![t("b*"), rf(names()), n(2.0), b(false)]), 2.0);
diff --git a/crates/functions/src/util.rs b/crates/functions/src/util.rs
index 14c627937..4e7853d2c 100644
--- a/crates/functions/src/util.rs
+++ b/crates/functions/src/util.rs
@@ -51,7 +51,7 @@ pub(crate) fn arg(args: &[Arg], i: usize) -> R<&Arg> {
 
 /// Whether argument `i` was supplied (present and not an empty literal like `F(1,)`).
 pub(crate) fn has(args: &[Arg], i: usize) -> bool {
-    matches!(args.get(i), Some(a) if !matches!(a.value, Value::Empty) || a.from_ref)
+    matches!(args.get(i), Some(a) if !matches!(a.value, Value::Empty) || a.from_ref || a.blank_value)
 }
 
 /// Number coercion for a scalar parameter: empty = 0, TRUE = 1, numeric text parses.