Viewed broadly, the structure can be interpreted as a rondo form, consisting of A – B – transition based on A – C – transition based on A – A’ – B’ – transition based on A – C’ – transition based on A – A’’ – Coda. However, a closer examination reveals a complex structure.

Opening

The opening motif on a single pitch, characterized by a dactylic rhythm (long-short-short) (a motif also favored by Schubert), appears at first glance to be new material. In fact, it has already appeared as a rhythmic motif in the second subject of the first movement and the main section of the second movement.

In the B section, two themes are presented: the theme from measure 16 and the theme from measure 40.

• Measures 12-17

• Measures 38-42

Upon entering the C section from measure 84, a chorale-like musical idea and its variations are presented. All of the two motifs from the first movement and the rhythmic motif from the fourth movement are tightly integrated into the chorale. In the C' section, the chorale does not appear; only the variation section is recapitulated, making this one passage particularly distinctive.

• Measures 84-95 (the rhythmic motif in the right hand in measures 94-95 is in retrograde)

After a development spanning 50 measures from measure 104, the theme of the aforementioned chorale variation reappears from measure 154. The development further progresses using this theme, leading to a dominant pedal based on the A section's motif from measure 176. Strictly speaking, it is difficult to call this a recapitulation, but the C section itself feels as if it forms an exposition-development-recapitulation structure.

• Measures 96-99

• Measures 152-156

From measure 192, the preceding flow is recapitulated with changes in developmental details such as modulation. Then, when the opening theme is recapitulated at measure 367, it plunges into the coda without a perfect cadence, reaching fff from f in a single sweep and concluding. It should be noted that the autograph manuscript contains a 'p' marking in the final measure, and while some editions include 'p' and others do not, it is generally performed as fff.

Concluding Section (Transcribed from autograph manuscript, IMSLP)