The Wild Bunch ending explained

What happens

When Mapache cuts Angel's throat, Pike, Dutch, Lyle and Tector kill him and a huge shootout begins. All four die, taking many soldiers with them. Thornton finds the bodies, then rides off with Sykes and the rebels.

The last image

Thornton and Sykes laugh together and ride away with the rebels, leaving the dead gang behind.

What it says

The gang chooses loyalty over profit, and that choice costs them everything. Yet Thornton's laugh shows the story outlasts them. The ending denies you a clean victory, so you feel the cost of the violence.