We determine the maximum number of induced copies of a 5‐cycle in a graph on
vertices for every
. Every extremal construction is a balanced iterated blow‐up of the 5‐cycle with the possible exception of the smallest level where for
, the Möbius ladder achieves the same number of induced 5‐cycles as the blow‐up of a 5‐cycle on eight vertices. This result completes the work of...