Frank Castle and Amy Bendix visits Clive's Photo Studio to develop photographs of David Schultz that Fiona and her crew took in Chicago. After a brief confrontation with Clive, Bendix successfully develops photographs before Castle burns the place down.
Since Billy Russo knows where he lives, Curtis Hoyle books a hotel suite where he spent his time with Delia Robinson. Leaving Robinson in the suite, Hoyle returns to St. John's Evangelical Lutheran Church where he organizes a free feast for homeless people. Also, he supports Jimbo, giving him glasses and suggesting him to get a job.
Russo returns to Krista Dumont's Apartment where Krista Dumont asks him why he hear-dropped her therapy session with Jake Nelson. She then asks where Russo was last night, as he answers that he was drinking with Nelson. Worrying that the way that Russo chose to deal with his issues is self-destructive and then asks him to stay at the apartment.
Possessing the photographs, Castle and Bendix go to find Nikolai Poloznev who paid the Russian Mafia to make it. Returning to the trailer, Bendix suggests that she needs a gun for self-defense. However, Castle states that she is not ready to use it and trains her how to unarm the enemy. Castle claims that she needs to be ready to use the gun against any enemy in front of her.
While Dumont left the apartment, Russo finds her medical notes about the therapy sessions. Russo then leaves the house and finds Hoyle, confronting him at a parking lot. Russo comments that he knows that he shot Hoyle back in the day, and although he is unable to remember, he claims to be sorry. He also says that he will not return into custody and then demands him to tell what happened to his face and memory. However, Hoyle refuses to reveal to Russo who did it, so Russo leaves him.
Dinah Madani is visited by Brett Mahoney at her apartment to discuss Russo's case. Mahoney informs her that he knows that the confrontation at the Central Park was three-sides, and questions her about the third person. Although Madani dismisses Mahoney's suspicions, he says that he learned from the hostages that Russo was attacked by the man in the skull vest, claiming that Madani was lying to NYPD all along.
Arriving at New York Academy of Medicine, Bendix poses herself as a waitress and shows Poloznev photographs of Schultz he paid for. Poloznev then orders his bodyguards to chase Bendix while he goes to his car to leave the Academy. However, while Bendix gets rid of Poloznev's bodyguards, Poloznev himself is kidnapped by Castle.
After breakfast at the cafe, Madani finds herself followed by John Pilgrim. Pilgrim informs her that he knows about her connections with Castle and asks her to tell him where Castle and Bendix are, in exchange for keeping her secret. Taking the picture of Pilgrim, Madani takes all the dishes from the cafe and orders Wendy to identify him, using the DNA samples.
Castle drives Poloznev outside of the town, demanding him to tell everything about the photographs and occurred murders. Poloznev informs Castle about Anderson and Eliza Schultz, parents of David and CEOs of Testament Industries. As the Shultzes' plan was to support their son's political campaign, Poloznev planned to blackmail them, so he paid for photographs. Previously intending to kill Poloznev, Castle decides to spare him and demands Poloznev to take his family and leave the United States of America.
Russo joined Nelson, Jimbo, José, and Bobby in McFeeney's for a drink. Later, Jimbo asks Russo and others to help him, as his car was towed away. Russo leads all veterans to split and intercept the tow truck to reclaim Jimbo's car. After brutally beating the driver, Russo says Jimbo to drive away from New York City to Texas. As he had left, Bobby suggests that the team like theirs could rob the bank what Russo decides to consider. However, New York City Police Department apprehends Jimbo, so he tells Hoyle about Russo's involvement.
Together with his bodyguards, Poloznev prepares to leave the country, like Castle demanded him to do. However, Pilgrim ambushes him in the elevator and kills him.
Mahoney visits Dumont with an official request to hand all her data about Russo. Dumont decides not to tell Mahoney that Russo is in her house and after a brief talk about the chance for redemption, as he leaves. After Mahoney left, Russo confronts Dumont about her attempts to control Russo and the situation between them. Losing his temper, Russo attacks Dumont, however, they both then suddenly share a kiss.
Hoyle arranges a meeting with Madani and Castle at the church to consider their situation. Hoyle informs them that Russo is hanging with a group of veterans and he is completely out of control, so people can die because of him. Despite the situation with Pilgrim, Hoyle convinces Castle that Russo is a priority target and they need to deal with him as soon as possible. Castle agrees with him, claiming that he is going to deal with Russo by his methods.
- Jon Bernthal as Frank Castle/Punisher
- Ben Barnes as Billy Russo/Jigsaw
- Amber Rose Revah as Dinah Madani
- Jason R. Moore as Curtis Hoyle
- Josh Stewart as John Pilgrim
- Floriana Lima as Krista Dumont
- Giorgia Whigham as Amy Bendix
- Royce Johnson as Detective Sergeant Brett Mahoney
- Jordan Dean as Jake Nelson
- Manny Urena as Jimbo
- Samuel Gomez as José
- Charles Brice as Bobby
- Dikran Tulaine as Nikolai Poloznev
- Daniel Firth as Clive
- Tabitha Holbert as Delia Robinson
- Kara Young as Wendy
- Decater James as Veteran
- Chris Barnes as Tow Truck Driver
- Todd Alan Crain as David Schultz (uncredited)
- Lucy Marinelli as Private School Girl (uncredited)
- Unknown Actress as Natalia Polozneva (uncredited)
- New York City, New York
- Ohio (mentioned)
- Texas (mentioned)
- Schultz Conspiracy
- Jigsaw's Campaign
- Attack on Curtis Hoyle (mentioned)
- Duel at the Central Park Carousel (mentioned)
To be added
- United States Department of Homeland Security
- New York City Police Department
- Jigsaw's Crew
- Testament Industries (mentioned)
- United States Congress (mentioned)
- Fiona's Crew (mentioned)
- United States Marine Corps (mentioned)
- Uncle Teddy
- Lisa Castle
- Rebecca Pilgrim (picture)
- Michael Pilgrim (picture)
- Lemuel Pilgrim (picture)
- Anderson Schultz
- Eliza Schultz
- David Schultz
To be added
- "Nakazat" ("Наказать") translates from Russian to "To punish."
- Amy Bendix gains entry to Clive's Photo Studio for herself and Frank Castle by clicking her red heels together, mimicking the ruby slippers worn by Dorothy Gale in The Wizard of Oz.