Marvel's The Punisher: What Does The Ending Really Mean?
7. Karen And Frank Are Family
Although Karen Page isn't in The Punisher quite as much as some of the marketing suggested, she's still got a crucial role in the life Frank Castle. Their relationship, which first started in Daredevil, grows and deepens across the series, culminating in him saving her life and she, in return, doing her best to help keep him out of trouble with the law.
She's not seen again after the 10th episode, when there's a brief moment where it looks as though they might kiss but instead just briefly touch heads and hold each other. It's not romantic, but still very intimate, and speaks to where their relationship is at.
Karen may still be destined to be with Matt Murdock, but she and Frank are family. It's an almost unspeakable bond that exists between them, but more than any other characters they truly understand each other and can be completely open with the other. If Punisher gets another season it'd be a surprise not to see Karen appear again, and further strengthen the bond that exists between them.