After a chaotic New Year’s Eve party, an exhausting all-night run from the cops, and a tea-spilling play, it’s finally time for the epic conclusion of Euphoria Season 2. The trippy teen drama’s second season has been a rollercoaster of emotions, and there’s so much left open-ended as the series heads into the season finale: Is Rue going to be OK? What’s going on with Cassie and Nate? Is Fez in danger? And what’s the deal with Elliot, anyway? There are so many questions, and only one episode to answer them all in, so let’s dive into all the Euphoria Season 2 finale theories that are taking over the fandom.
In its second season, Euphoria became even bigger, more scandalous, and more unpredictable than ever. Rue’s substance use hit a new low after she stole pills from the truly terrifying dealer Laurie, all while her girlfriend Jules started hooking up with their new friend Elliot behind her back. Speaking of disastrous love triangles, Cassie also started a secret fling with Maddy’s ex, Nate. When Rue exposed the truth, Maddy swore her revenge... only for Nate to barge into her room and threaten her with a gun. Oh, and I can’t forget about Fez and Ashtray getting embroiled in the schemes of fellow dealer Custer and his girlfriend Faye, who seem to be setting the brothers up to take a big fall.
Amid all that, Kat and Ethan’s sudden breakup seems tame, but it could still lead to a satisfying finale moment. And while Lexi’s time in the spotlight may have been her big contribution to Season 2, she might be in for a very crushing blow right after the curtains close on her play — because the major theory everyone is throwing out is all about her beloved Fez.
OK, let’s get into it:
1. Theory: Fez will die.
Sadly, it really seems like the writing’s on the wall for Fez. The teaser trailer for the final episode shows Fez screaming on the ground, followed by someone pulling the trigger of a gun, leading into another shot of Fez. Plus, Custer revealed Mouse’s baby mama is looking for him, as well as the cops, whom Custer is secretly cooperating with so Fez will take the fall instead of him. On top of all that, Fez never showed up to Lexi’s play despite dressing up and promising her he’d be there. Oh, and let’s not forget Angus Cloud revealed the show was planning on killing Fez off in Season 1, so his death is something the writers have for sure thrown around.
2. Theory: Ashtray will die.
If it’s not Fez who ends up dead, then it’ll likely be his kid brother. After all, it was Ash who actually killed Mouse, and everyone knows he wouldn’t think twice about risking his life for Fez if his big bro was ever in trouble. Ash’s death would also explain Fez not showing up for Lexi’s play just as much as his own death would. Plus, Season 2 premiered with Fez and Ash’s backstory — it would make sense for things to come full circle in the finale.
3. Theory: Jules will break up with Rue and start dating Elliot.
I mean, Rue and Jules kind of unofficially broke up already when Jules and Elliot told Rue’s mom that she was using drugs again, but their relationship is still a question mark. Now that she’s dealing with her withdrawal, Rue seems to be doing better, but Jules has apparently moved on with Elliot already. The finale could go one of two ways with the love triangle: Jules could write off the Elliot hook-up as a one-time fling and get back with Rue, or Jules could go all-in on Elliot and tell Rue she’s moved on. Either way, there’s going to be one person feeling left out and jealous, which will almost definitely lead to some tension between Rue and Elliot.
4. Theory: Maddy will get her revenge on Cassie and Nate.
It’s taking way longer than expected for Euphoria’s resident clapback queen to ruin Cassie and Nate’s lives after she found out they were hooking up behind her back. But now that it’s finale time, the stage is set for Maddy to shine. Nate already broke up with Cassie after Lexi’s play, which fans have seen from the finale promo will send Cassie into an outrage. If a fight’s going to break out, you already know Maddy is going to be in the center of it. It looks like Maddy will get to let out her anger at Cassie, but it’s unclear if she still has a way to take down Nate, or if she even wants to think about him anymore after that gun scene. Hopefully she can find a way to bring on the downfall of Nate that everyone’s been hoping for.
5. Theory: Nate will rekindle things with Jules.
I honestly hope this doesn’t happen, but it does seem like Season 2 has been setting up a Nate-and-Jules reconnection in the finale. Nate is obviously done with both Cassie and Maddy at this point, and Jules is on the rocks with Rue and not yet on solid footing with Elliot. Plus, she seemed genuinely touched that Nate gave her Cal’s DVD to destroy. Don’t be surprised if the season ends with a toxic couple getting back together.
6. Theory: Ethan will tell Kat off.
It’s no secret Kat’s been on the sidelines this season (and there are rumors about why that is). Her only major moment was breaking up with Ethan after realizing she was bored of his vanilla stability. But as everyone saw in Lexi’s play, Ethan is far from boring. The play very well may open Kat’s eyes to what she threw away, but it’s probably too late for her to get Ethan back... especially after she very unconvincingly lied about having a terminal brain illness to break up with him. Fingers crossed there’s more of Ethan’s fiery side in the finale.
7. Theory: Cal will tell Ashtray he’s his son.
The theory that’s been floating around ever since Euphoria began is all about that family photo in the Jacobs house. The portrait shows three Jacobs sons, but viewers have only seen two in the series. Since Cal took the photo with him when leaving his family behind, there’s a suggestion that he set off to reconnect with this mysterious third son... and the prominent fan theory is that son is Ashtray. TBH, the ages don’t really line up in this theory, since the kid in the photo appears much older than Ash was when Fez’s grandmother adopted him as a baby, but it’s still the main theory. Hopefully fans will finally get an answer about this third Jacobs kid before Season 2 ends.
The Euphoria Season 2 finale airs Sunday, Feb. 27, at 9 p.m. ET on HBO and HBO Max.
