The Penguin - Ending Explained

The series finale reveals the ultimate truth about Oz Cobb: he is not a misunderstood underdog, but a predator who has been killing his own family since childhood. The flashback reveals that Oz intentionally let his brothers drown so he could have his mother's undivided attention. The ending sees Oz triumphant but spiritually bankrupt; he has defeated Sofia by getting her sent back to Arkham and has wiped out the Falcone and Maroni leadership. However, the most significant twist is the murder of Victor Aguilar. Oz strangles the loyal teen on a park bench, explaining that love is a weakness he can no longer afford. The show ends with Oz dancing with his girlfriend Eve (who is dressed as his mother) in a luxurious penthouse, while his real mother lies catatonic. The final shot of the Bat-Signal signifies that while Oz has won the war for the underworld, he has finally drawn the attention of the one man who can stop him.

Critics and audiences have debated whether the series is a tragedy or a character study of a sociopath. One interpretation suggests the entire show is a dark subversion of the "mentor" trope, where Victor represents the audience's hope for Oz's redemption, which Oz then literally strangles to death. Another reading focuses on the Oedipal nature of Oz's relationship with Francis, suggesting that his rise to power is actually a desperate, failed attempt to replace his brothers and earn a love that was tainted by his own early violence. Some viewers also see Sofia as the true protagonist of a Greek tragedy, whose quest for justice ultimately makes her the monster the world already believed she was.