Industry - Season 4 (2026) TV Series Review: A Darkly Debauched and Relentlessly Thrilling Masterpiece on HBO Max

There is a particular kind of thrill that comes from watching a "slow-burn" series finally set the world on fire. When Industry first premiered on HBO in 2020, it arrived with a quiet confidence, a hyper-literate financial drama that felt almost too sophisticated for the mainstream Sunday night crowd. It was the "cool kid" of the network, earning a cult following among critics and finance junkies but often flying beneath the radar of major awards bodies. Fast forward to 2026, and the fourth season has officially shed its underdog status. Premiering on January 11, this eight-episode run is not just the show’s best work: it is a bold, brash, and beautifully baroque reimagining of what a workplace thriller can be.

Created and frequently directed by the duo of Mickey Down and Konrad Kay, with executive production by Lena Dunham, Industry Season 4 picks up roughly a year after the earth-shattering events of the third season. We find our central anti-heroes scattered but no less hungry. Harper Stern (Myha’la) is currently helming a fund for the power-hungry Otto Mostyn, yet she is suffocating under her lack of true independence. Yasmin Kara-Hanani (Marisa Abela) has transitioned into her role as "Lady Muck," though her marriage to Sir Henry Muck (Kit Harington) is more of a hollow haunting than a social victory. The season introduces "Tender," an online payment service threatening to disrupt the entire banking sector, as the new battlefield. With a cast that now includes Kiernan Shipka, Charlie Heaton, and Toheeb Jimoh alongside veterans like Ken Leung, the series has never felt more culturally vital or dangerous.

Narrative Arc and Pacing: From the Trading Floor to the Psyche

In previous years, the stakes of Industry were largely tied to the immediate adrenaline of the trading floor: the "buy" or "sell" orders that could make or break a career in seconds. Season 4 marks a fascinating, disquieting shift. While the financial jargon remains as sharp and impenetrable as ever, the true risks have moved into the personal lives and fractured psyches of the characters. This is a season where threats of losing a job are replaced by the much more visceral threat of blackmail and bodily harm. The narrative doesn't just unfold: it metastasizes, turning a workplace drama into something that feels, at times, like a psychological horror film.

The pacing is masterful, utilizing the eight-episode format to eliminate any hint of "streaming bloat." The first episode serves as a brilliant reset, using a debauched night of London partying to introduce financial journalist Jim Dycker (Charlie Heaton) and the scintillatingly unpredictable Haley Clay (Kiernan Shipka). This "game of cat and mouse" kickstarts a momentum that never wavers. Episode 2 is a standout "chamber piece" that focuses on Henry Muck’s internal collapse, while Episode 5 breaks the formula entirely by taking Sweetpea (Miriam Petche) and new trader Kwabena (Toheeb Jimoh) abroad. It is a season of television that feels like a "seduction and a swordfight," where every conversation is a tactical maneuver designed to draw blood.

Character Evolution and Performances: Vulnerability in a World of Psychopaths

The "dark heart" of Industry has always been the toxic, magnetic bond between Harper Stern and her former mentor, Eric Tao (Ken Leung). Season 4 brings them back together in a way that is both thrilling and heartbreaking. Myha’la continues to be a revelation as Harper, conveying worlds of ambition and resentment with a simple, harried twitch of her jaw. However, it is Ken Leung who reaches monumental heights this year. He portrays Eric not just as a titan of finance, but as a man whose self-assurance is crumbling into a raw, vacant fear. The scenes between them, often simple "two-handers," peel back the layers of these professional psychopaths to reveal a glint of something terrifyingly human.

The new additions integrate flawlessly. Kiernan Shipka completely transcends her child-star legacy, playing Haley Clay as a character who is "scintillatingly sexy" yet perpetually surprising. Toheeb Jimoh brings a much-needed "sunny charm" to the trading desk, providing a stark contrast to Harper’s icy resolve. Even Kit Harington, whose Henry Muck was a highlight of the previous season, delivers a career-best turn as a man sleeping until the late afternoon and gazing at hunting rifles with a catatonic despair. These characters are often terrible people doing terrible things, yet the writing excavates their traumas with such precision that you cannot help but stay invested in their survival.

Direction and Production Value: Beautifully Baroque and Kubrickian

Visually, Industry Season 4 is a triumph of mood and "stunning filmmaking". Mickey Down and Konrad Kay have evolved into sublime showrunners, moving away from the grey corporate aesthetic of early seasons toward something far more "beautifully baroque". The direction in Episode 2 is particularly noteworthy, reaching a "Kubrickian" level of intensity during a 12-minute drug-fueled rampage that feels unlike anything the series has attempted before. The cinematography uses strobe-y club scenes and tight, claustrophobic close-ups to mirror the internal chaos of the characters.

The production design continues to emphasize "rich people problems," from the hollow grandeur of the Muck family manor to the sleek, cold interiors of the new payment provider, Tender. Every detail, from the costumes to the office layouts, reinforces the themes of race, class, and the "societal rot" that the showrunners are so keen to critique. It is a world that feels incredibly lived-in and eerily prescient, reflecting a cultural landscape where the line between finance and technology has become dangerously blurred.

Trailer Industry - Season 4 (2026) TV Series

Soundscape and Atmosphere: Enya and 80s Horrors

The atmosphere of Season 4 is heavily defined by its bold and specific soundscape. The soundtrack leans heavily into the 80s this year, a choice that feels entirely deliberate. It draws out the "horrors" of a decade defined by greed and reinvents them for a modern audience. One of the most inspired and "funny" recurring gags is the use of different Enya songs at pivotal, often high-stress moments. This juxtaposition of ethereal music with "Machiavellian scheming" creates a disorienting, almost dreamlike quality that perfectly suits the show’s more "twisted" direction.

The sound design also excels in the quieter moments. The silence in the two-handers between Harper and Eric feels heavy with the "ghosts" of their shared past, while the crescendos during Henry’s breakdowns add a layer of tragic theatricality to his descent. It is a score that doesn't just accompany the action: it amplifies the "tortured psyches" of the leads, making their trivial-seeming problems feel like matters of cosmic importance.

Strengths and Weaknesses

What works well:

• Career-defining performances from Ken Leung and Myha’la, who anchor the season with a "warring" chemistry.
• The seamless integration of high-profile guest stars like Kiernan Shipka and Charlie Heaton, who transcend their past roles.
• Sharp, "pitch-perfect" dialogue that remains some of the best writing on modern television.
• A shift in stakes from professional to personal that makes the narrative feel more "relatable" and "disquieting".
• Bold directorial choices, particularly the "Kubrickian" intensity of the second episode.
• Eerily prescient storylines that critique race, class, and the "OnlyFans-esque" digital economy.

What doesn't work:

• The strobe-heavy club scenes in the premiere can be visually jarring and difficult to watch for some.
• Some of the "harrowing" personal secrets in the later episodes might feel like they belong to a different, darker genre entirely.
• Viewers who aren't familiar with the show’s unique "financial shorthand" may still find the plot mechanics a bit impenetrable.

Final Verdict: A Bullish Buy for Prestige TV Fans

5/5 stars

Industry Season 4 is a "spectacularly bold" and "absolutely brilliant" achievement that should finally propel this HBO stunner to the forefront of the pop culture conversation. It is a series that has mastered the art of evolution, pushing past its original premise to become a complex entity that is part financial thriller, part psychological character study. Does it justify the time investment? Absolutely. It is a "jaw-dropping treat" that rewards viewers who appreciate moral ambiguity and high-stakes drama.

This is a show for those who loved the "Machiavellian" maneuvers of Succession but want something "darker, grander, and more culturally relevant". It is for the media junkies and the "rabid fanbase" that has been singing its praises for years. However, if you are looking for characters who are inherently "likable" or a plot that is "light and fluffy," you should probably pass. Industry is a show that finds a "societal rot" and invites you to stare directly into it. It is "truly twisted, top-tier television" that demands your attention and deserves all the Emmys it has been denied so far.

Watch or Pass: Watch

Industry Season 4 premieres Sunday, January 11 at 9 PM on HBO and HBO Max. New episodes air weekly.