First Cow ending explained

What happens

Hunted by the Chief Factor's men after their theft is discovered, Cookie and King-Lu flee, then lie down together to rest. The film cuts back to its opening skeletons, revealing the two buried side by side were almost certainly them.

The last image

The two men lie resting side by side, echoing the two skeletons found by the river in the opening.

What it says

The ending turns the story into a memory of two forgotten men. The film cares less about the scheme than the bond. Money and power keep the names and profits; what lasts is their friendship.