Captain Marvel: What Does The Ending Really Mean?

2. Her Endgame Arrival (With A New Suit)

The movie wraps things up pretty nicely: the Kree have been defeated, Carol is off to space to find the Skrulls a new home, and Fury is working on The Avenger Initiative. And then there's the mid-credits scene, which ties directly into Avengers: Endgame.

In what appears to be a seen taken from very early on in the movie itself - it could be set before Endgame, but it'd make Marvel's introduction a little more jarring if it's not in the film - as Steve, Bruce, Natasha, and Rhodey are in Avengers compound. They've got the pager Nick Fury used in the Infinity War post-credits scene hooked up to a new machine to keep it running, but the signal has "crapped out". They run through a few suggestions of what to do and whether they should even trust it, with Black Widow saying that if it was important to Fury, then she wants to know who is on the other end.

Immediately after she says that, Captain Marvel appears in Avengers HQ, asking where Nick Fury is, and the credits roll again. Marvel has a new suit at this point - the symbol is a little different, it's more armoured, and the shoulders are gold - but for the most part there aren't too many differences, and she certainly hasn't aged in the 20+ years since the events of the movie proper.

We saw during Captain Marvel that she modified Fury's pager so he could contact her across galaxies, but only in case of a real emergency. That explains why she's never been contacted before, because there hasn't been a threat he didn't believe the Avengers could deal with. Thanos is that threat though, and Captain Marvel has answered the call. She's in the Endgame now.