The Penguin’s ending, explained

HBO’s The Penguin, starring Oscar nominee Colin Farrell and (hopefully) future Emmy nominee Cristin Milioti, just wrapped up its eight-episode run with an explosive and tragic finale that featured a completely different Oz than the one we met in 2022’s The Batman. This spin-off, which chronicles Oz’s ascent in Gotham’s underworld following The Riddler’s (Paul Dano) reign of chaos, tells a remarkably dark story of trauma, revenge, guilt, and family, culminating in an operatic finale that surely left more than one with their jaw on the floor.

The Penguin follows Oz Cobb’s (Farrell) attempts to take over Gotham’s underworld. The city’s crime is controlled by the two main crime families: the Maronis, led by the infamous Salvatore (Clancy Brown) from prison, and the Falcones, currently undergoing something of a succession crisis following the unexpected death of heir apparent Alberto (Michael Zegen) at Oz’s hands. Things are further complicated by the release of Sofia Falcone (Milioti) from Arkham Asylum, sending the city into unexpected chaos. So, how does this violent tale end? Let’s discuss.

What is The Penguin about?

Macall Polay / HBO

Mainly, The Penguin is a tale of greed and revenge following three distinctive characters, each with unresolved trauma. Oz is obsessed with making a name for himself in Gotham’s criminal world, largely to finally earn his dementia-suffering mother, Francis’ (Deirdre O’Connell) approval. He attempts to secure it by becoming Gotham’s new head honcho, forming alliances with pretty much every major player before promptly betraying them. Oz also takes control of Sofia’s drug operation and kills Salvatore’s wife and son.

Victor Aguilar (Rhenzy Feliz) is a young homeless orphan who lost his parents during The Riddler’s attack. He is Oz’s unwitting accomplice at first but soon becomes completely loyal to the future Gentleman of Crime. Victor’s path turns increasingly dark, getting more involved with Gotham’s gangs and even becoming a murderer in the name of Oz’s plans.

Finally, Sofia spent years in Arkham, accused of committing numerous murders and receiving the moniker The Hangman. Upon her release, she wants revenge against her brother’s murderer. As she learns more about Oz’s involvement in her unjust incarceration in Arkham and her father’s hand in framing her for the Hangman’s murders, Sofia becomes increasingly vengeful and unhinged, dropping the Falcone name and pursuing two main goals: destroying the Falcones’ legacy and killing Oz.

How does The Penguin end?

HBO

In the last episode, titled A Great or Little Thing, Oz is taken prisoner by Sofia, who is also holding Francis captive. In a tense showdown at a rundown club, Sofia tortures Francis to force Oz into confessing he killed his brothers, but he’s unable to. Finally, Francis confesses she has always known the truth about Oz’s guilt, telling him she hates him and should’ve killed him when she had the chance. She then stabs him in the gut with a broken bottle, to Oz’s horror. Shortly after, Francis suffers a massive stroke, allowing Oz to overpower his captors and escape the club with her.

Oz takes Francis to the hospital and reunites with Vic. He then goes to see Councilman Sebastian Hady (Rhys Coiro), a corrupt and gambling-addicted quasi-ally of his and blames Sofia for the deaths of Salvatore (who actually died of a heart attack in a fistfight with Oz) and his family. Oz also tells Hady that Sofia blew up a massive drug lab in Gotham’s underground (which she actually caused, to be fair), subsequently damaging the already heavily affected neighborhood of Crown Point. Thus, Oz makes it seem as though the events of the entire series were orchestrated by Sofia, exonerating himself in the process.

Meanwhile, Sofia summons the gangs of Gotham and offers them the Falcone family’s resources, claiming she only wants Oz and will leave Gotham after she kills him. Although the head of the Gotham triads, Feng Zhao (François Chau), delivers Oz to her, he is betrayed by his underlings and killed. Oz then takes Sofia to a secluded location and leaves her for the authorities, sending her back to Arkham and effectively eliminating the last of his obstacles.

However, the stroke left Francis in a vegetative state. As he talks with Victor, Oz realizes he has developed a soft spot for the kid and kills him, not wanting to be vulnerable with anyone else now that he has achieved his goals. Oz chokes Victor and throws his ID into the river before abandoning his body.

Sofia returns to Arkham, where she receives a letter from her half-sister, Selina Kyle (Zoë Kravitz); although the contents are not revealed, Sofia softly smiles while reading the letter, a glimmer of hope traveling her face. Outside, Oz is now the king of Gotham’s underworld and has moved his mother to a penthouse overlooking the city. Francis is very obviously miserable, as she had made him promise he’d kill her before allowing her to lose her mind and body to her growing dementia. However, Oz is unable to let go of her and prefers to keep her with him, even if it’s in anguish. Finally, he meets his lover, Eve (Carme Ejogo), who is dressed in one of Francis’ dresses. The two dance, and Oz makes Eve say she’s proud of him and loves him. As the camera pans away, the Bat-Signal shines in the sky.

Will there be a season 2 of The Penguin?

HBO

Who knows! There is no official announcement yet, but Farrell is confirmed to return as Oz in 2026’s The Batman 2. In fact, The Penguin sets up The Batman 2 quite neatly, placing The Penguin as a villain worthy of Batman’s sophomore adventure. It would actually make a lot of sense to have Oz as the villain, as The Penguin ends with him a winner, having defeated all his enemies and effectively taken control of Gotham. Thus, Batman could finally give The Penguin his just punishment for murdering Victor and the many other crimes he committed.

As for Sofia, it’s unclear if Milioti will return in The Batman 2 or if there’s even a role for her in the story. The letter from Selina Kyle does hint at Sofia’s potential return, maybe in a team-up between The Hangman and Catwoman, which could come in the movie sequel, a potential season 2 of The Penguin, or even in another TV spin-off centered around the two. In fact, Matt Reeves recently confirmed more The Batman spin-offs are coming, which bodes well for a Sofia-centric show, especially if Batman does indeed deal with Oz in The Batman 2.

For now, however, fans should enjoy the tremendously dark and bittersweet ending The Penguin just pulled off. It was bleak, frustrating, and exhilarating, a triumph of the crime genre worthy of standing alongside the best Batman storylines in live-action. Hopefully, the Emmys will remember The Penguin come July because Farrell, Milioti, and O’Connell are all Emmy-worthy, proving that there is much to be enjoyed in the world of comic book adaptations.

All eight episodes of The Penguin are available to stream on Max.