In Stranger Things season 5, Nancy does not definitively end up with anyone by the end of the series; she breaks up with Jonathan and does not get back together with Steve, remaining essentially single and focused on her own path.

Nancy and Jonathan

  • Nancy and Jonathan survive the final season but decide their romantic relationship is over after a near‑death experience forces them to confront how much they have grown apart.
  • Jonathan reveals he had been carrying an engagement ring and offers an “un‑proposal,” which Nancy accepts as part of a mutual decision to break up, affirming they still care about each other but should not stay together as a couple.

Nancy and Steve

  • Despite the long‑running love triangle, Nancy does not reunite with Steve by the finale, and they are not in a relationship.
  • Steve moves on with a new offscreen girlfriend mentioned in the time‑jump epilogue, signaling that the story does not position Nancy as his endgame partner.

Where Nancy Ends Up

  • In the flash‑forward, Jonathan is studying film at NYU while Nancy has left Emerson to work for a newspaper, and they remain friendly but no longer romantically involved.
  • Commentators and the show’s coverage emphasize that Nancy’s ending centers on her independence and future career rather than on choosing between Jonathan or Steve, effectively leaving her without a fixed romantic “endgame” partner.

TL;DR: If the question is “who does Nancy end up with,” the current answer is: no one officially—she ends the series single and focused on her own life.