Old School. Biblically Independent.
By Chris Revelle | TV | March 3, 2026
HBO’s Industry spent its fourth season digging ever-deepening holes for its characters. Past seasons didn’t skimp on the salacious or shocking, but this season put them all to shame. The finale, “Both/And,” is maybe the series’s most shocking yet.
Tender is dead in the water as news of its fraud and the government’s hand in it breaks out. With Whitney (Max Minghela) on the run in disguise, Henry (Kit Harrington) is the face of the scandal. He comes back to Muck Manor to confront Yasmin for orchestrating his downfall with the falsified story from the last episode, and gets a break-up for his trouble. Yasmin is leaving him and she’s taking Molly the maid with her. He’s surprised to hear she doesn’t love him. Does a threesome in a Nazi’s drafty schloss mean nothing to Yasmin?
Whitney resurfaces purring scary notions of Russia sending FSB goons to scare Henry into running away with him to Vilnius with the remains of Tender’s cash. Wanting to escape his villain status, Henry joins Whitney on the plane. When Whit slides Henry a forged Lithuanian passport, Henry balks. He’s not having a moment of moral clarity; he’s realizing it would mean giving up being Sir Henry Muck. “Eat shit, peasant!” is Henry’s sign-off to Whitney before returning to the manor and being arrested. Henry later testifies against Whitney and wiles away his days on house arrest by a lake.
And what will Yasmin do now that she’s detached from Sir Muck? Why, throw in with the extreme right, of course! She brings Sebastian Stefanowicz (Edward Holcroft) to Lord Norton’s tabloid to see how Sebastian’s rancid nu-fascist brand can be best laundered and normalized. Yasmin also hosts a fundraiser in Paris where all the like-minded bigots of Europe can throw money at Seb. Insanely, Yasmin also invites Harper (Myha’la), a Black woman, and seats her with the Bauers, a pair of moldering ghouls who think Hitler’s art is underappreciated. They tell Harper that she’s not like “the other ones.”
When young women suddenly appear after dinner to um, entertain Sebastian’s supporters, Harper confronts Yasmin about what the hell she’s really doing here. The former Lady Muck has pulled Hayley (Kiernan Shipka), Molly, and the fifteen-year-old Eric had sex with into her web to use as sexual tributes to powerful people. Tonight, it’s the fascists, and tomorrow, it’s the Qataris. Yas defends herself by pointing out that these women might never have seen Paris if not for her. She shows Harper the video of Eric with the girl and claims she can’t leave all this behind because she feels “important” there.
For all of Harper’s instincts and hustle, shorting Tender netted her team £110 million, which comes to about £2 million for each of the remaining trio of Stern Tao. Sweetpea (Miriam Petche) says she could’ve gotten more by selling pictures of her feet. At least the team is getting real office space. Kwabena (Toheeb Jimoh) tries to re-engage Harper in their pseudo-relationship, but she brushes him off. In the final moments, Harper gives an interview about how right she was to short-sell Tender on a private jet. A flight attendant asks her if she’s done with her drink, and when she doesn’t respond, the attendant asks again, “Are you done?”
It’s a corny note to end an otherwise cut-to-the-bone season, but of course, Industry isn’t done yet. Harper and Yasmin have another round of warfare to go. Our favorite monsters/bankers survive to trade another stock, but at what cost? There is no rock bottom to hit, only deeper depravities, and that’s just the way we like it on Industry.
