Despite rising refugee numbers worldwide, refugees’ return decisions remain poorly understood. Prior work examines either intentions or realized return, but not both. We fielded a ten-wave panel of Ukrainian refugees, linking prewar home municipalities to geocoded conflict and territorial control data and eliciting war expectations. Intentions strongly predict behavior: by 2025, 42% of those planning to return soon in 2022 had returned, versus 1% of those planning to settle abroad. Increasing conflict in the home municipality reduces return there but barely affects return to Ukraine overall. More pessimistic war expectations explain 21% of the decline in return intentions.