Avengers: Endgame ending explained

What happens

Tony uses the Stones to destroy Thanos and his army, dying as he does. After his funeral, Steve returns the Stones, stays in the past with Peggy, and returns as an old man to give his shield to Sam.

The last image

An elderly Steve sits on a bench and hands his shield to Sam, passing the role to a new generation.

What it says

The ending shows heroism after failure as sacrifice and letting go. Tony gives everything, and Steve finally chooses a life of his own. Both exits are farewells, to the characters and to you, since endings hurt because the story mattered.