She defeats Walpurgisnacht. It's at the cost of the others' lives, but that's okay. Madoka is safe and whole. They'll be happy together. Madoka will forgive her misdoings.

When Madoka sees her return alone, she flings the most hurtful words she knows at Homura and Homura realizes how focused she's been on her goal and how awful she's been to Madoka lately. Madoka brings back her dead friends and time is reversed.

The next loop is spent entirely on making Madoka as happy as possible.

She dies horrifically and it's back to square one.