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Well, not anymore in SharePoint Online as per the Microsoft announcement Handling HTML markup in SharePoint calculated fields. SharePoint Online renders HTML markup as text instead of HTML! So, How to render Calculated column as HTML markups in SharePoint Online?
One, you can use JSLink to render list fields which is recommended by Microsoft now for both SharePoint Online as well as for SharePoint On-Premise. I hope you know JSLink, if not, please visit links provided in see also section.
When to change calculated fields in SharePoint Server?
The June 2017 Public Update (PU) and later PUs will make blocking a configurable option for on-premises use in SharePoint Server 2016 and SharePoint Server 2013. We are changing calculated fields to block the execution of custom markup.
When did SharePoint block custom markup in calculated fields?
Some users have added HTML markup or script elements to calculated fields. This is an undocumented use of the feature, and we will block the execution of custom markup in calculated fields in SharePoint Online from June 13, 2017 onwards.
How to format calculated column as hyperlink using HTML?
Requirement: Format Calculated Column markup as Hyperlink. How to Format Calculated Column as Link using HTML Markup? Using calculated column formulas to frame hyperlinks and setting the column type to “Number” renders the column markup as HTML. E.g. I’ve used this formula to link project documents with the Projects list.
In Microsoft SharePoint lists and libraries, calculated fields that are running in the classic UI mode can be used to display results that are based on formulas that resemble those in Microsoft Excel. This is a long-standing capability that is documented in Calculate data in lists or libraries.