How does Peter and Wendy end?

After defeating Hook, Peter guides Wendy, John, and Michael back through the skies to the reopened nursery window. Mrs. and Mr. Darling embrace them; Peter remains outside until future visits. The coda “When Wendy Grew Up” shows Wendy becoming a woman while Peter unchanged returns for Jane, then for Margaret — belief and abandonment intertwined.

The ending is bittersweet: Wendy accepts time; Peter refuses it. Barrie denies a romantic union and instead offers generational repetition. Classroom discussion can ask whether Jane’s flight is wonder or warning. The last image is Peter waiting at the window while mothers age — joy for children, ache for adults.