Full story
It's Christmas in New York, a year after Avengers: Endgame. Clint Barton, Hawkeye, is in town with his kids, half deaf from years of arrows and fights, still carrying Natasha's death. Meanwhile Kate Bishop, a 22-year-old archer who has idolized him since childhood, attends an underground auction with her mother, Eleanor, and Eleanor's fiancé, Jack Duquesne. On the block are items from the old Avengers compound, including the suit of Ronin, the brutal vigilante Clint became after the snap.
The Tracksuit Mafia crashes the auction to steal a watch. Kate puts on the Ronin suit to fight and accidentally becomes the target of everyone who wants Ronin dead. Clint goes after the suit and ends up having to protect her. They become a reluctant duo: he wants to make it home for Christmas, she wants to prove she can be a hero. The trail runs through Jack, his uncle Armand, who turns up dead, and a shell company.
The head of the Tracksuit Mafia is Maya Lopez, a deaf fighter out to avenge her father, killed by Ronin years ago. Kate learns that Clint was Ronin, and Clint owns what he did. In the middle of it all, Yelena Belova shows up, Natasha's sister, who has been hired to kill Clint and believes he's to blame for Natasha's death. The big twist is Eleanor: she killed Armand and framed Jack, and she works for Wilson Fisk, the Kingpin, who runs the Tracksuit Mafia.
At Eleanor's Christmas party at Rockefeller Center, it all blows up at once. Clint and Kate take on the Tracksuit Mafia with a quiver of trick arrows, helped by Jack and some LARPer friends. Yelena finds Clint, who tells her how Natasha sacrificed herself, and she gives up on killing him. Kate faces Fisk alone and takes him down with arrows. Eleanor is arrested.
Fisk escapes wounded and is cornered by Maya, who has learned he ordered her father's death. A gunshot rings out. On Christmas morning, Clint arrives home with Kate and Lucky the dog. He gives his wife, Laura, the watch everyone was after, and they burn the Ronin suit. Kate brings up a new hero name.