In 2014, the declaration of the Islamic State caliphate was hailed as a major victory by the global jihadist movement. But it was short-lived. Three years on, the caliphate was destroyed, leaving its surviving fighters – many of whom were foreign recruits – to retreat and scatter across the globe. So what happens now? Is this the beginning of the end of IS? Or can it adapt and regroup after the physical fall of the caliphate? In this timely analysis, terrorism expert Colin P. Clarke takes stock of IS – its roots, its evolution, and its monumental setbacks – to assess the road ahead.