Let C(n) denote the maximum number of induced copies of 5-cycles in graphs on n vertices. For n large enough, we show thatand a, b, c, d, e are as equal as possible.Moreover, if n is a power of 5, we show that the unique graph on n vertices maximizing the number of induced 5-cycles is an iterated blow-up of a 5-cycle.The proof uses flag algebra computations and stability methods.