How to format code in Xcode?

Select first the text you want to format and then press Ctrl+I.

Use Cmd+A first if you wish to format all text in the selected file.

Note: this procedure only re-indents the lines, it does not do any advanced formatting.

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In XCode 12 beta:

The new key binding to re-indent is control+I.

Key combination to format all text on open file:

Cmd ⌘ A + Ctrl I