The story concludes with the titular massive battle, resulting in the deaths of several key characters (including Thorin) and Bilbo’s return to the Shire. Critical & Audience Reception

His greatest act in the film is not fighting, but treason. He sneaks the Arkenstone to Thranduil and Bard to give them leverage against Thorin. In another story, this would be a betrayal; in The Hobbit , it is the only act of sanity in a sea of gold-fever. When Bilbo tells Thorin, "I am not trying to rob you. I am trying to save you," it cuts to the heart of the film’s message.

The film moves from war to loss. The deaths of key characters show the cost of greed. The final scenes show Bilbo returning to the Shire, which brings the trilogy to a close.

For the true fan, the theatrical cut of is incomplete. The Extended Edition adds 20 minutes of crucial content:

Reviews were generally mixed, reflecting a "flawed but fitting" end to the saga. Battle of Five Armies - Tolkien Gateway