Full spoilers follow.
The escalation. Polly is hostile from the outset, not corrupted along the way. She begins with deniable provocations — sweets given to the girls against Caitlin's explicit instruction — and graduates quickly: during a dinner party she tampers with the food, and by the next day almost everyone in the house is sick, including the infant. The design is consistent: every act is unprovable, and every accusation Caitlin makes about it costs her credibility with Miguel.
The reveal. Polly Murphy is not a stranger. She is the daughter of the man who sexually abused Caitlin as a child — meaning both women were harmed by the same person. Their names are also false. As a girl, Caitlin was Jennifer; Polly was Rebecca. Jennifer set a fire that destroyed Rebecca's home, killing Rebecca's parents and infant sister. Afterwards Jennifer was given a new identity and a second chance at a clean life, while Rebecca was passed through abusive foster homes. Everything Polly does is a claim on that stolen second chance: she is not trying to end Caitlin's life so much as to move into it.
Stewart's murder. Stewart has assembled the research that would expose who Polly is. She beats him to death with a baseball bat, takes the documentation and flees — removing the only external proof of her identity and leaving Caitlin's version of events entirely unsupported.
The dinner-table usurpation. Caitlin learns of Stewart's death and races home, only to find Polly seated at the family table with Miguel and the children, dressed in Caitlin's own clothes. Caitlin destroys Polly's belongings and lunges at her; in the struggle she accidentally strikes her daughter Emma. Miguel, appalled, throws Caitlin out and files domestic violence charges, barring her from unsupervised contact with her own daughters. This is the film's cruellest turn: Polly wins not by killing the mother but by engineering a moment in which the mother removes herself, and the legal system does the eviction for her.
The climax and Polly's death. The confrontation ends in a vehicle crash. Caitlin and Josie are left dazed; Polly is thrown into the street and fatally injured, her arm destroyed. Miguel, who witnesses it, arrives with Emma and apologises for having doubted his wife — an exoneration that arrives only after the damage is total. Caitlin holds Polly as she bleeds to death: the two victims of one man, one cradling the other, the vengeance collapsing into something closer to grief than triumph.
The final shot and what it recontextualises. The film closes on Emma imitating Polly's gestures. The implication is explicit: the cradle has already been rocked, and the harm has been transferred to the next generation. Retroactively, this reframes the entire film. The horror was never the nanny — she was a symptom, a girl produced by her father's abuse. The horror is the mechanism: an abuser creates two damaged children, who destroy each other decades later, in front of a third child who is already learning the choreography. Caitlin's survival is not a victory but a deferral, and her original erasure — the new name, the sealed fire, the unpaid consequence — is revealed as the debt the whole story exists to collect.