The following contains spoilers for I Know What You Did Last Summer, now playing in theaters

Know What You Did Last Summer‘s twist ending upends expectations with its big killer reveal. I Know What You Did Last Summer is a legacy sequel to the previous film series of the same name, revisiting Southport while focusing on a new cast of characters. In the process, returning characters like Jennifer Love Hewitt’s Julie James and Freddie Prinze Jr.’s Ray Bronson find themselves wrapped up in the chaos.

I Know What You Did Last Summer largely leans into a sense of self-aware camp about the slasher genre, with just as many comic turns as grisly turns. That is, at least until the third act seriously ups and the kill count and reveals the true idenтιтy of the masked killer. It’s a surprising twist that throws the entire future of the franchise into question and sets up a potential sequel. Here’s how I Know What You Did Last Summer sets up the future of the series by radically changing one notable legacy character.

Who The Killers Are In I Know What You Did Last Summer

There Are Actually Two Murderers In The New I Know What You Did Last Summer

I Know What You Did Last Summer‘s twisty climax reveals that Stevie and Ray are the killers, transforming one of the franchise’s fixtures into a ᴅᴇᴀᴅly villain. In the climax of the film, Stevie joins fellow survivors Ava and Danica on Teddy’s boat. Out at sea, Stevie attacks the pair and reveals she was actually the one who was secretly close to their accidental manslaughter victim, Sam.

Stevie initially didn’t realize he was the victim, but was driven into intense grief and rage when she discovered the truth. This convinced her to attack her friends as karmic payback, leaving a trail of bodies in her wake. She wasn’t alone in this mission, however, as her boss and mentor Ray proved crucial to her plans.

Ray’s Villain Turn & Fate In I Know What You Did Last Summer Explained

Ray Goes From Survivor To Murderer In I Know What You Did Last Summer

Ray spends much of I Know What You Did Last Summer seemingly as an ally to the teenagers, offering them advice and support when he can. He even seemingly kills Stevie after she tries to kill Danica. However, Ava discovers Ray shares a wound with the one she gave the killer, revealing that Ray was working with Stevie.

I Know What You Did Last Summer spends a long time setting up the connection between Ray and Stevie. At one point, Ray references a promise he made to Stevie’s parents to help her and look out for her. When she told him about what happened, he agreed that the teens needed to pay for their actions.

This is only partly what Ray went through with the plan. As he explains to Julie in the finale of the film, the town of Southport has moved on from the trauma of the previous killings. Still dealing with PTSD from surviving those events, Ray became enraged with the way the town just “forgot” what happened to them.

By taking part in a new streak of murders, Ray got the chance to bring attention back to the slaughters that almost killed the town decades before. He and Stevie even get revenge on the man who set all that in motion by buying up the land, Grant Spencer — after Grant finds Teddy in time for him to bleed out, Grant is also killed.

Ray won’t get the chance to turn into a franchise-wide threat, however. During his final confrontation with Julie and Ava, Ray is distracted long enough by his ex-wife for Ava to grab a nearby spear gun and shoot him in the back. Ray quickly bleeds out, making Jennifer Love Hewitt’s Julie the last survivor of the original film’s main characters.

Who Survives I Know What You Did Last Summer

Three Of The Main Five Characters Survive The Film

Most of the named characters in 2025’s I Know What You Did Last Summer are killed by Ray and Stevie, leaving only a handful of survivors. Of the film’s main five characters, only Ava and Danica clearly survive. Despite their serious wounds, both are able to get to a hospital in time to survive. Julie also survives her latest brush with death.

Although Stevie is seemingly sH๏τ down by Ray, he mocks Ava’s belief that he killed Stevie. The film ends with Ava telling Danica that Stevie is still alive. Although she doesn’t appear again in the film, Stevie could easily return to bedevil the girls (or a new cast of characters) in a sequel.

How I Know What You Did Last Summer Sets Up A Sequel

Brandy’s Scene Sets Up Another Film

I Know What You Did Last Summer leaves the possibility open that Stevie could return, making her a recurring threat for the franchise to focus on. She could threaten a new group of young adults, or try to finish Danica and Ava. Stevie could even be on the run from other characters and the authorities, especially given the post-credits scene.

The scene brings back Brandy’s Karla Wilson, one of the survivors of I Still Know What You Did Last Summer and Julie’s college roommate. Julie arrives at her home to warn her that someone has sent her a threatening message, specifically targeting Karla. This prompts Karla to join up with Julie to find who is doing this.

The post-credits scene of I Know What You Did Last Summer is designed specifically to tease a potential sequel focused on the older characters potentially going head to head with a new kind of killer. Having learned from Ray, Stevie might even have some useful tricks or ideas that could help her overcome Julie and get revenge for Ray’s demise.

The Real Meaning Of I Know What You Did Last Summer

Trauma Needs To Be Confronted And Dealt With

At the center of I Know What You Did Last Summer is trauma. Characters like Julie and Ray still cope with the trauma of their past, while Ava and her friends struggle to escape the lingering guilt and resentment caused by their actions a year prior.

Running and hiding from that trauma, personified by the attacks of a hook-wielding killer, doesn’t actually handle the problem. Instead, it falls on someone to actively confront their trauma and do something about. This plays out in both Ava’s arc of the film as well as Julie’s eventual decision to return to Southport to help.

The alternative is letting the trauma overwhelm you, which can force you to do horrible things. This is exactly what happens to Ray and Stevie, who both funnel their trauma outward to become killers. It gives I Know What You Did Last Summer a harsher and more thematic edge.