‘Euphoria’: The Most Shocking Season 2 Finale Theories About Fez, Lexi & More

The 'Euphoria' season 2 finale is going to be epic. The season has been building up to what's sure to be a jaw-dropping final episode. From those death theories to the fallout of Lexi's play, these are the wildest 'Euphoria' finale theories.

Euphoria season 2 has been chaotic in the best way and full of twists and turns. The season 2 finale will air on February 27, and fans are well aware that it’s about to go down. Lexi’s play stirred the pot in a big way, and the other shoe is about to drop at Fez’s apartment.

There have been a plethora of theories about Euphoria’s characters over the past 7 episodes, and fans have been speculating about what the finale will bring. From a major death(s) to a bombshell exposed in Lexi’s play, here are some of the shocking (but plausible) Euphoria finale theories.

Javon Walton
Javon Walton as Ashtray. (HBO)

Theory #1: Fez & Ashtray Die

For weeks, there has been speculation about the fates of fan-faves Fez and Ashtray. In the penultimate episode of season 2, Custer stopped by Fez’s apartment and clearly had ulterior motives. He came in and suspiciously set his phone down before telling Faye to “be cool.” He revealed in the previous episode that he was working with the cops, who were circling in on Fez and Ashtray for Mouse’s death.

The season 2 finale promo shows a raid on Fez’s apartment. Fez was just about to leave for Lexi’s play, but he never made it there. There’s a brief moment in the trailer where Fez screams Ash’s name and bangs on a door. Another scene has Fez screaming on the floor in what looks like a moment where he’s getting arrested.

Angus Cloud
Angus Cloud as Fezco. (HBO)

While it’s totally plausible for both Fez and Ashtray to die in the raid, there’s a better chance of Fez surviving after watching the promo. The last time we saw Ashtray, he grabbed a box cutter and sat down next to Custer. As we all know, Ashtray is not afraid to get blood on his hands. He could go after Custer for his betrayal and get killed by the police in the process. Fez and Ash both have the ability to be violent, but Ashtray is definitely the more volatile brother.

Ashtray’s death would be devastating and would change Fez forever. Given Fez’s connections in the drug-dealing world, the police would likely want to keep him alive to get information about his connections. He may very well come out of this raid alive, but he may end up behind bars.

Theory #2: Lexi Reveals Cassie’s Abortion

At the end of the seventh episode, Lexi’s play is still going on. Lexi hasn’t held back when it comes to Our Life, and she very could reveal Cassie’s abortion to the entire student body. At the end of season 1, Cassie got pregnant by McKay and decided to get an abortion. Lexi accompanied her sister to the abortion clinic.

Maude Apatow
Maude Apatow as Lexi. (HBO)

No one but Lexi, Suze, and McKay know about Cassie’s abortion. Over the last two seasons, Lexi has definitely been the most level-headed character. She has yet to have a major flaw. Revealing her sister’s abortion without permission could be a turning point for Lexi. This would complicate the relationship between the two sisters.

While Cassie has made several mistakes this season, it’s clear that she has become emotionally unstable. Lexi’s betrayal could push her over the edge once and for all. This could be Lexi’s blind spot. In her quest to have a memorable production and finally be recognized for her talent, she could destroy her relationship with her sister.

Theory #3: Elliot Works For Laurie

Elliot has been flying under the radar since Rue’s intervention, which has made him increasingly suspicious to viewers. There’s a lot we don’t know about Elliot. He met Rue at the New Year’s party, and they quickly connected over their mutual drug use.

When Rue told Elliot about scoring drugs for free, he called her a “genius.” He then told Jules about Rue using again, who then told Leslie. Rue’s suitcase full of drugs was flushed down the toilet, and Rue had no way to pay Laurie back. If Elliot was actually working with Laurie (or if he owed her in some capacity), he could have double-crossed Rue. He could have ratted her out to Jules knowing that Rue would be in debt to Laurie with no way to pay her back but whatever Laurie wanted. It appears that Laurie is running a sex trafficking operation in addition to drug dealing, and Elliot manipulating Rue into being indebted to Laurie would be a heck of a twist.

Dominic Fike
Dominic Fike as Elliot. (HBO)

Some fans have theorized that Elliot could die of an overdose in the season 2 finale. While that could still be true, Dominic Fike did tell Jimmy Fallon that we will “absolutely” see him in season 3.

Theory #4: Nate Causes A Car Crash

When it comes to the Jacobs family, there has been so much imagery surrounding cars. From Cal’s Jeep in the past to Nate’s truck to the reckless driving in the present day, it’s a miracle that these two haven’t been in an accident of their own making. But that could change.

In the trailer for the season 2 finale, Nate driving in his car yet again. He stormed out and broke up with Cassie after Lexi’s shocking musical number about him. In another shot from the trailer, a sullen Nate looks on as sirens flicker in front of him. Nate hasn’t suffered any consequences for his actions, and his karma may finally be coming to collect. Hopefully, it won’t be at the expense of someone else’s life, which is also a possibility.

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