‘Peaky Blinders’ Movie Ending Explained — And How It Sets Up Netflix Spinoff

Peaky Blinders: The Immortal Man serves as the final chapter of Tommy Shelby’s (Cillian Murphy) story, picking up years after the series finale, when the former head of the Peaky Blinders burned his belongings and rode off on a white horse into an uncertain future.

Set against the backdrop of World War II, the film follows Tommy as he’s pulled back into the world he once escaped, this time to save those he left behind: his estranged son Duke and his sister Ada (Barry Keoghan and Ada Thorne). With Birmingham under threat and a Nazi-backed operation taking root, Tommy is forced to confront not just a new enemy, but the dangerous legacy he’s passed on. Warning: Spoilers for Peaky Blinders: The Immortal Man ahead.

But what does this mean for the future of Peaky Blinders and Netflix’s planned sequel series? Here’s what to know.

What is Peaky Blinders: The Immortal Man about?

Set during World War II, the Peaky Blinders film finale finds Tommy Shelby withdrawn from the world, living in isolation and writing his memoirs, until Ada arrives with news that Germany has bombed the Birmingham Small Arms Factory. Back in Birmingham, Tommy’s estranged son Duke has taken control of the Peaky Blinders and agrees to work with John Beckett (Tim Roth), a Nazi collaborator orchestrating a massive counterfeit money operation designed to destabilize Europe’s economy.

Robert Viglasky/Netflix

Duke’s allegiance is driven by power, not ideology, but his actions put him at odds with his family. Ada is quietly building a case against him for stealing munitions, and when Beckett orders Duke to kill her, he refuses. Beckett shoots Ada himself.

Tommy returns to Birmingham and confronts Duke, leading to a brutal and emotional clash between father and son.

How does Peaky Blinders: The Immortal Man end?

As the counterfeit operation comes to a head at the docks in Liverpool, Tommy aligns with local kingpin Hayden Stagg (Stephen Graham) to stop Beckett.

At Waterloo Dock, the Peaky Blinders move in. Duke tricks Beckett into thinking he betrayed his father. But instead, helps bring the operation down from the inside as Tommy blows up the shipment of counterfeit money.

As Beckett holds Duke at gunpoint, Duke explains his decision with a familiar Shelby ritual (a callback to his father’s younger years): “I tossed a coin.” He says, “The coin told me to betray my father.” But in a defining turn, he reveals he broke from that code, adding, “But I disobeyed the coin. Decided to do the right thing.” The moment marks Duke choosing his own path rather than blindly following fate or rage.

Beckett attempts to drive away, but Tommy shoots him in the head. Duke saves his father from being hit by Beckett’s car, but he is already gravely wounded.

Robert Viglasky/Netflix

Knowing he is dying, Tommy asks Duke to finish it. After an emotional hesitation, Duke grants his father’s wish. As his life flashes before his eyes, Tommy’s final words are “In the bleak midwinter,” a line from the 1872 poem by Christina Rossetti, signaling a quiet, poetic end to his long and violent life.

The film closes with Tommy’s funeral and a voiceover reading of his will, reflecting on a life spent chasing power but defined by family. “Give my car to Johnny Dogs, my wine to the Garrison pub, my horses to someone who’s no work for them, my bullets to someone who’s no names to write on them, and my guns to someone who has no use for them. Once, I nearly got f**king everything. But nearly doesn’t count. But throughout it all, I had me family. We are reunited now, in whichever place will have us.”

His final request was to burn his body. “Let the ash blow. I am free.” Honoring his father’s final wish, Duke burns the caravan carrying Tommy’s body along with the remaining counterfeit money, and steps into his role as the new “Rom Baro,” the leader of the Peaky Blinders.

What does that mean for the spinoff?

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With Duke now in charge, the Peaky Blinders have a new leader to carry them into a new era. The sequel series is expected to pick up roughly a decade later, in the 1950s, as Birmingham rebuilds in the aftermath of the Blitz and World War II, an environment ripe with opportunity and instability, where the Peaky Blinders will no doubt find new ways to expand their empire, navigate shifting power structures, and leave their mark on a rapidly changing world.

“I’m thrilled to be announcing this new chapter in the Peaky Blinders story,” showrunner and writer Steven Knight told Tudum. “Once again, it will be rooted in Birmingham and will tell the story of a city rising from the ashes of the Birmingham blitz. The new generation of Shelbys have taken the wheel, and it will be a hell of a ride.”

The sequel series will consist of two seasons, each made up of six hour-long episodes, which have been ordered.

Peaky Blinders: The Immortal Man, Now streaming, Netflix