2-Time Olympians Madison Hubbell and Zach Donohue Aren't Retiring Without One More Shot at the Podium

"We still have a higher peak that we can reach. And I think, knowing that it's our last Games and our last season together, that's something that's exciting for us," Hubbell tells PEOPLE

It's been a season of endings for returning — and retiring — Olympians Madison Hubbell and Zach Donohue.

As Hubbell says, they are approaching the period on the end of their sentence.

On Sunday night (Eastern) she and Donohue will compete in their final ice dance at the Beijing Winter Games. They are podium contenders after their rhythm dance in the first half of the individual event put them in the third spot, behind France and the Russian Olympic Committee. And that comes after their rhythm dance in the skating team event, set to a trio of Janet Jackson songs, earned a first in that category and helped ensure the U.S. won silver.

"We still have a higher peak that we can reach. And I think, knowing that it's our last Games and our last season together, that's something that's exciting for us," Hubbell, 30, told PEOPLE in a recent interview before she and Donohue, 31, left for China.

"We're up for the challenge," she says.

The bond between the two has evolved over the years (yes, they previously dated) and is now a "more peaceful friendship," Hubbell has said.

It's "a reflection, not just of our developing relationship and the work we've put into caring for each other, but really it came from demanding more from ourselves on the ice," she tells PEOPLE.

From left: Madison Hubbell and Zach Donohue competing at the Beijing Winter Olympics. Annice Lyn/Getty

"I think our strength has always been that raw power, natural talent, the feel of the music, our connection. And we didn't have as much that organized, stay-to-the-task mindset," she says.

But things change. "It took us many years and a lot of help from performance and life coaches to just organize the chaos enough that we still keep that raw power quality that we have when we skate. But it's a little bit more funneled in the right direction," Hubbell says.

Donohue adds: "I think it happened because of who we are and who we just decided to grow into based on our surroundings — but mostly due to the team of people we've surrounded ourselves with. With their guidance, with their ability to be like, 'Hey, this is how you're showing up.' "

"I'd say that our first run through the Games [in 2018, when they placed fourth] really put us through the wringer and put everything out in the open, and we had to take a step back and be like, 'Okay, we need to pull back and just start from scratch and renew everything about our partnership, our relationship, our training, and just rebuild ourselves,' " Donohue says. " 'Because this obviously isn't getting us the result we want both in skating or in our lives.' "

Which brings them back to the end.

"It's a journey," Hubbell says. "And we started this season kind of facing the fact of, 'Okay, are we both fully committed to giving it our all and saying goodbye, no matter what happens?" And at that point we set out the things that were important to us."

For example, they're big fans of their crowd-pleasing Janet Jackson routine in the rhythm dance section, alongside other programs tracked to popular songs.

"That's something we enjoy about our skating, is our ability to go into it and–" Hubbell starts as Donohue finishes: "–Leave everything out there."

From left: Madison Hubbell and Zach Donohue competing in 2021. Tim Nwachukwu/Getty

From left: Madison Hubbell and Zach Donohue. Matthew Stockman/Getty

They're each aware of the concept of lasts but "I wouldn't say that it's a negative in any way," Donohue tells PEOPLE. "I wouldn't say that it's a distraction. I think if anything, it gives us a state of grace to allow for things to happen day in and day out."

"The freak-out isn't really possible with all the things we have to take care of," he says, adding, "I think it's quite empowering in some ways, as we get to own the space in our career that we're in. On the other hand, it's fueling us to really take in every moment."

They'll end their season with the world championships in March but don't foresee walking away from ice dancing.

"I think we'll do it in shows. We'll continue to be in the community. We both want to have some part in coaching and doing choreography," Hubbell says. "I don't think we'll ever truly stop."

But, she adds, "I am looking forward to being able to make choices that every day aren't with skating as my No. 1 priority" — especially after the past 15 years of all-consuming focus.

She quips in her interview that "I'm just really looking forward to being able to go to Costco and walk around for no reason." And as Donohue ribs her ("that's your choice?") she says, "Literally give me any indoor public space, and I will just roam free."

Fair enough. "Tell you what," Donohue tells Hubbell. "We'll come back after the Games, and I will take you to Costco."

From left: Madison Hubbell and Zach Donohue celebrating after a 2018 competition. Lindsey Wasson/Getty

'Til then, there's skating to do.

But as Hubell was quick to relish, there's a whole lot of post-skating coming up too. Donohue's girlfriend, Australian native Chantelle Kerry, wasn't able to travel with him given the pandemic restrictions but Donohue says one question for the couple is figuring out where to live once she's done with her studies.

Hubbell's fiancé, Adrian Diaz, is an ice dancer competing for Spain. (The two are also planning a wedding on the Spanish coast for June 2023.) "I'm very lucky that he'll be in the [athlete] village with us," Hubbell says, though she notes that COVID-19 fears will still intrude a bit on how much they fraternize amid their events.

"We want only the best for each other. And so we'll wait until the end of free dance to just fully celebrate being there together," she says.

To learn more about Team USA, visit TeamUSA.org. Watch the Winter Olympics, now, and the Paralympics, beginning March 4, on NBC.