Madoka Magica Ending, Explained
Madoka's wish rewrites the rule the show is built on and erases her from it. Then Rebellion arrives and takes it back, and that has been the ending since 2013.
Spoilers throughout. This page assumes you have finished the series.
The series ending and the film ending are two different endings, and the film is the one that has been standing for over a decade.
The wish
Madoka wishes that every magical girl, in the past, present and future, be prevented from becoming a witch. It is not a wish to win a fight. It is a wish aimed at the rule underneath the setting: Kyubey's arrangement harvests hope and converts it into despair by design, and the wish deletes the second half of that machine.
Granting it costs her existence as a person. She becomes a concept, the Law of Cycles, present everywhere the rule applies and nowhere as herself, and she is removed from the memory of essentially everyone who knew her. Homura is left as the only person who can remember that Madoka was ever real.
Why Homura is the reason it works
This is the part the ending turns on. Homura's wish sent her back to save Madoka, and she did it over and over. Every loop increased the weight of destiny gathering around Madoka, which is exactly what made Kyubey want her contract so badly, and exactly what made her eventual wish powerful enough to rewrite the rule.
So Homura spends the entire series trying to save one specific girl, and the effort is what makes that girl capable of the wish that removes her from the world. It is a closed loop in which love is the mechanism of the loss.
What Rebellion does to it
The film opens in a comfortable Mitakihara where everyone is alive and nothing is wrong, and reveals that Homura has become the witch and the town is her labyrinth. Then it goes further. Homura tears the Law of Cycles apart, takes Madoka's power, becomes something the film calls a demon, and builds a world in which none of it happened: the girls have ordinary lives, and Madoka is a human girl again who does not know what she gave up.
Homura says she did it out of love rather than despair, which is the argument the audience has been having since 2013. It is either a betrayal of the series' ending or the only honest continuation of a character who was never going to accept it. Both readings are supported.
Is that still the ending?
For now. Rebellion ends on a deliberate cliffhanger and has been the end of the story since 2013. The sequel, Walpurgisnacht Rising, is scheduled to open on 28 August 2026 after several delays, and is the first continuation in thirteen years. Anything written today about how it resolves Homura's choice is speculation, including anything you read that sounds confident.
A series whose television ending is reframed by a later film is a familiar shape. Evangelion is the other one, and it went about it very differently.