diff --git a/src/Chip8.Core/Assembly/Expression.cs b/src/Chip8.Core/Assembly/Expression.cs
new file mode 100644
index 0000000..d03188d
--- /dev/null
+++ b/src/Chip8.Core/Assembly/Expression.cs
@@ -0,0 +1,208 @@
+using System;
+using System.Collections.Generic;
+
+namespace Chip8.Core.Assembly;
+
+public sealed class Expression
+{
+    readonly IReadOnlyList<Token> tokens;
+    readonly Func<Token, int> resolveSymbol;
+    int cursor;
+
+    Expression(IReadOnlyList<Token> tokens, Func<Token, int> resolveSymbol)
+    {
+        this.tokens = tokens;
+        this.resolveSymbol = resolveSymbol;
+    }
+
+    public static int evaluate(IReadOnlyList<Token> tokens, Func<Token, int> resolveSymbol, SourcePosition position)
+    {
+        if (tokens.Count == 0)
+        {
+            throw new AsmException("expected an expression", position);
+        }
+
+        var parser = new Expression(tokens, resolveSymbol);
+        int value = parser.parseBitwiseOr();
+        if (parser.cursor != tokens.Count)
+        {
+            throw new AsmException("unexpected token '" + tokens[parser.cursor].text + "' in expression", tokens[parser.cursor].position);
+        }
+        return value;
+    }
+
+    int parseBitwiseOr()
+    {
+        int value = parseBitwiseXor();
+        while (match(TokenKind.Pipe))
+        {
+            value |= parseBitwiseXor();
+        }
+        return value;
+    }
+
+    int parseBitwiseXor()
+    {
+        int value = parseBitwiseAnd();
+        while (match(TokenKind.Caret))
+        {
+            value ^= parseBitwiseAnd();
+        }
+        return value;
+    }
+
+    int parseBitwiseAnd()
+    {
+        int value = parseShift();
+        while (match(TokenKind.Ampersand))
+        {
+            value &= parseShift();
+        }
+        return value;
+    }
+
+    int parseShift()
+    {
+        int value = parseAdditive();
+        while (true)
+        {
+            if (match(TokenKind.ShiftLeft))
+            {
+                value <<= parseAdditive();
+            }
+            else if (match(TokenKind.ShiftRight))
+            {
+                value >>= parseAdditive();
+            }
+            else
+            {
+                return value;
+            }
+        }
+    }
+
+    int parseAdditive()
+    {
+        int value = parseMultiplicative();
+        while (true)
+        {
+            if (match(TokenKind.Plus))
+            {
+                value += parseMultiplicative();
+            }
+            else if (match(TokenKind.Minus))
+            {
+                value -= parseMultiplicative();
+            }
+            else
+            {
+                return value;
+            }
+        }
+    }
+
+    int parseMultiplicative()
+    {
+        int value = parseUnary();
+        while (true)
+        {
+            if (match(TokenKind.Star))
+            {
+                value *= parseUnary();
+            }
+            else if (match(TokenKind.Slash))
+            {
+                int divisor = parseUnary();
+                if (divisor == 0)
+                {
+                    throw new AsmException("division by zero", previous().position);
+                }
+                value /= divisor;
+            }
+            else if (match(TokenKind.Percent))
+            {
+                int divisor = parseUnary();
+                if (divisor == 0)
+                {
+                    throw new AsmException("modulo by zero", previous().position);
+                }
+                value %= divisor;
+            }
+            else
+            {
+                return value;
+            }
+        }
+    }
+
+    int parseUnary()
+    {
+        if (match(TokenKind.Minus))
+        {
+            return -parseUnary();
+        }
+        if (match(TokenKind.Plus))
+        {
+            return parseUnary();
+        }
+        if (match(TokenKind.Tilde))
+        {
+            return ~parseUnary();
+        }
+        return parsePrimary();
+    }
+
+    int parsePrimary()
+    {
+        Token token = advance();
+
+        if (token.kind == TokenKind.LeftParen)
+        {
+            int value = parseBitwiseOr();
+            expect(TokenKind.RightParen);
+            return value;
+        }
+
+        if (token.kind == TokenKind.Number)
+        {
+            return token.value;
+        }
+
+        if (token.kind == TokenKind.Identifier)
+        {
+            return resolveSymbol(token);
+        }
+
+        throw new AsmException("expected a value but found '" + token.text + "'", token.position);
+    }
+
+    bool match(TokenKind kind)
+    {
+        if (cursor < tokens.Count && tokens[cursor].kind == kind)
+        {
+            cursor++;
+            return true;
+        }
+        return false;
+    }
+
+    Token advance()
+    {
+        if (cursor >= tokens.Count)
+        {
+            throw new AsmException("unexpected end of expression", tokens[tokens.Count - 1].position);
+        }
+        return tokens[cursor++];
+    }
+
+    void expect(TokenKind kind)
+    {
+        if (!match(kind))
+        {
+            SourcePosition position = cursor < tokens.Count ? tokens[cursor].position : tokens[tokens.Count - 1].position;
+            throw new AsmException("expected '" + kind + "'", position);
+        }
+    }
+
+    Token previous() => tokens[cursor - 1];
+}