What Does The Ending Of Fantastic Beasts Really Mean?

10. The Ending

After the extremely surprising revelation that Ezra Miller's Credence Barebones is not actually a wizard hater or a frustrated squib but a full-blown Obscurus host, Newt Scamander and Percival Graves chase him into the subway to try and defuse/recruit him respectively.

He proves to be too far gone even for the calming influence of Tina and is killed spectacularly by the MACUSA aurors (despite them not using fatal spells, but he's pure energy by then so his rules are clearly more fluid). Graves rages at the destruction of the Obscurus and turns on his supposed employers, who capture him with the help of Scamander. And shockingly, at that point, it turns out that he is actually Gellert Grindelwald (Johnny Depp) in disguise.

He should probably have changed his hairstyle to blend in better... Anyway, he's carted off to prison, Newt is shipped off back to England and Kowalski is obliviated and returns to his normal life tragically, as Scamander wipes the collective minds of New York using Swooping Evil venom and his Thunderbird. But it's not finished there: Scamander returns to the States to help Kowalski get his dream bakery (by giving him a gift of silver Occamy eggs), and Queenie goes to visit him to continue their romance.

He smiles vaguely, suggesting his memories may at least partly still be in place (hence the creatures he bakes - based on the Demiguise and Niffler...)