Full story
Frank Castle is trying to live away from the war. He's somewhere in the Midwest under another name, spending a quiet night at a bar with Beth, a bartender. The peace doesn't last. He saves a teenager, Amy Bendix, from a group of gunmen and learns these men won't stop. Amy is a grifter whose last job went wrong: the photos her crew took compromise some very powerful people.
The man hunting Amy is John Pilgrim, a former neo-Nazi turned religious man, father of two and husband to a sick wife. He works for the Schultzes, a wealthy, devout couple protecting the career of their son, Senator David Schultz. The photos show the senator kissing another man, and his parents will do anything to bury them. Pilgrim is patient, methodical and never quits.
In New York, Billy Russo wakes from a coma with a scarred face and no memory of anything after Iraq. His therapist, Krista Dumont, gets involved with him far past the line. Russo escapes the hospital, builds a crew of veterans and starts robbing the city. Dinah Madani, still traumatized by what Russo did to her, seeks out Frank and the two team up again. Curtis tries to keep Frank's human side alive while Frank splits his attention between Russo and Pilgrim.
Both fronts close at almost the same time. Madani confronts Krista and Russo at the therapist's apartment: Krista goes out the window and survives, and Madani shoots Russo. Wounded, Russo reaches out to Curtis, but Frank is the one who shows up, and he kills him. Then Frank and Amy go to the Schultz mansion. Frank kills Eliza Schultz, her husband takes his own life, and Pilgrim, beaten, asks Frank to spare his sons. Frank lets Pilgrim live.
Three months later, Madani offers Frank a place working alongside the CIA, and he turns it down. Amy gets money from him to start a new life. The last scene shows Frank in the skull vest, taking on a gang at the docks alone. He finally accepts being the Punisher.