WARNING: The following contains spoilers for The Walking Dead #193, by Robert Kirkman and Charlie Adlard, on sale now.
The final issue of The Walking Dead serves as an extended epilogue to the massive zombie series, giving fans a clear indication of what happened to Carl Grimes and various other survivors following the death of Rick. Although the exact length of the comic's timeskip isn't totally clear, there's a good indication it's at least a decade and a half in the future, if not longer. Here are all the major events that seem to have happened during the timeskip in The Walking Dead #193.
On The Homestead
The issue begins with Carl Grimes living on a farm on the outskirts of a small town. He's grown in the timeskip, completing his transformation from a precocious child to father. He and longtime friend Sophia now live together and have a daughter.
Naming her after Andrea (who died in the aftermath of the Whisperer War), the little girl is innocent in a way that Carl and Sophia didn't get to be in their youth. She's going to school and has developed a knack for music and art. Those are the kind of things that Rick wanted to bring back to the world, even if his son didn't get to enjoy them. It provides a bittersweet melancholy to the Carl sections of the issue. He wishes his father could see the world he left behind. Although Rick has become legendary among the survivors, Carl seeks out people who actually remember who his father was in real life, and tells his story to Andrea often.
Maggie spent a lot of time as the leader of the Hilltop, so it's not surprising she's been elected president of the united human communities during the timeskip. In that regard, she's transformed more into someone like Pamela Milton. She's outwardly jovial but is often making overt excuses for her son, Hershel Greene. The son of Glenn and Maggie has become an entitled and self-centered jerk, with some comparing him to Sebastian Milton, who killed Rick Grimes. It's an insult Maggie is aware of, and she's clearly uncomfortable with the comparison.
The issue's main focus is on Carl killing one of the Walkers that Hershel had captured and detained as a "Walking Dead" carnival sideshow. After a confrontation, Carl ends up slaughtering all of Hershel's Walkers, leading to his arrest and extradition to the Commonwealth. There, he's taken before Judge Hawthorne... aka Michonne, who took her deceased ex-husband's name. Having long since abandoned her warrior ways (even giving her iconic sword over to Carl), Michonne has become one of the leading authorities in the new civilization. On a personal note, she's even become a Grandmother. She's last seen getting ready to embrace her Granddaughter after pardoning Carl and agreeing with him that using the zombies as a sideshow is wrong, putting forth a ban on the practice.
Hershel and Carl's relationship is further strained by this decision, with the former expression his anger over the fact his own father -- Glenn -- isn't honored in the same way as Rick.
Friends & Neighbors
Many of the other remaining survivors have found new lives for themselves in the the changed world. Some of them have become major members of the society, helping transform the ever-expanding alliance of colonies. Jesus and Aaron are briefly shown to still be together, and they've remained on good terms with Carl. The final shots of the survivors show them together and happy. Eugene is hard at work helping develop a new railway network between the east and something called the "Western Alliance." He has concerns about his overall health, but Carl comments that he's always been like that. Eugene mentions Stephanie passed away during the timeskip, but that she spent her remaining years alongside him.
Laura, the woman who fought alongside Dwight until Rick was forced to kill him, has become something of a ranger in the new wild west. She's openly hostile to Carl but seems to have found a place as a marshall in the still-developing badlands. Most notably, former Whisper (and Carl love interest) Lydia is now a ranger, traveling from settlement to settlement and helping thin any Walker hordes that move through the untamed portions of the countryside. Although she teases Carl about their former relationship and still clearly has feelings for him him, she's found happiness with a man named Conner and considers Carl one of her best friends.
The issue also briefly explores the fates of other characters within The Walking Dead, albeit it short bursts. Earl, the former blacksmith for the Hilltop and mentor to Carl, lives by himself away from the rest of the town Carl lives nearby. He reveals Hilltop has expanded several times over the years. Although Carl and his family still see him often, his mind has begun to wander in his old age.
Carl also still regularly visits Negan's house. The former warlord has since become something of a hermit, living away from most of the rest of humanity. Still, Carl drops by on occasion to deliver supplies, even getting to talk to him sometimes, although that's become further far and in-between. The end of the comic reveals Negan still visits the new grave he made for his wife, Lucille, revealing his growth into a new man was indeed true.
The comic also reveals the fates of minor characters introduced during the relatively recent "Commonwealth" arc. Former governor of the Commonwealth Pamela Milton is no longer in power and is seen visiting her son Sebastian in prison. Sebastian did indeed spend the rest of his life in jail for murdering Rick Grimes. Although it's not a good life, it appears (from his relatively healthy physical state and mass of newspaper clippings on the wall of his cell) that he took Carl's warning to heart and never tried to escape. Fellow Commonwealth power player Mercer is seen walking with a cane alongside Juanita, indicating their pre-timeskip relationship continued.
In terms of other characters, Magna and Yumiko are seen feeding pigeons. Elias and Lauren are also seemingly in a relationship.
The New World
Perhaps the biggest change to the world of The Walking Dead in the timeskip is the threat posed by the titular undead. The roamers were once the most dangerous things in the world. But now, their numbers have dwindled to much smaller groups. Some still roam the untamed portions of the country, but that's why people like Lydia go on raids into the countryside to keep their population down.
The creatures that almost destroyed humanity have become pests and the new generation ins free to live in a world without them.