- "When I trained as a corpsman, they gave me a goat. I named my goat Cassius because he was a G.O.A.T., right? You know what they did to that goat? They blew him up. They cut him. Gave him simulated IED injuries. And then they tell you to go out there and save his life. Because that's how we learned."
- ―Curtis Hoyle
Wounded and feverish, Frank Castle imagines a Thanksgiving dinner with both the Castle and Lieberman families. Soldiers walk in and surround them. Despite Frank's pleas, both families are slaughtered. Micro enlists Curtis Hoyle's aid in treating Frank.
At the hideout, Curtis removes the arrow from Frank's shoulder and patches him up. He also berates Micro for dragging Frank into this mess when he was trying to turn his life around.
Waking up, Frank's first thought is for Gunner. Micro informs him that his friend is dead and Frank worries about making good on his promise to Gunner. Micro tells him that he has made arrangements for Gunner to receive a decent burial.
At Curtis' support group, O'Connor once more gives his views on what is wrong with America and its treatment of veterans. Curtis replies with a story about his corpsman training, involving patching up a goat that was continually injured.
Based on Dinah's interest in Frank, Billy begins sending out radio calls; "Blackbird" calling for "Raven." Micro intercepts the transmission, and Frank tells him that he is Raven while Billy is Blackbird. Micro is worried that Billy calling out might be trouble, but Frank assures him that Billy is a friend.
At the city courthouse, O'Connor and Lewis Wilson hand out NRA-supporting pamphlets. They are protesting a case being heard inside, about a teacher who brought a gun to his school. When confronted by a police officer, Lewis is arrested when the officer accuses him of reaching for his weapon. O'Connor just slinks away without interfering.
In Kentucky, Dinah and Sam survey the site of Gunner's death. Dinah determines that a gunfight occurred in the woods and that there was probably two men. She takes evidence to be tested for DNA, but she believes that the survivor was Frank Castle.
Lewis arrives at Curtis' support group early to talk to him about bailing him out of jail. During the conversation, Curtis shows him evidence that O'Connor is lying about his military service. He was never awarded the Silver Star or served in Vietnam, having only enlisted in 1977.
Dinah and Billy meet and she admits that Frank is still alive. She asks for Billy's help; Billy goes to Curtis to ask if he knows about Frank. Curtis denies all knowledge of Frank. Billy tells him he the government believes he is alive. If it is true, Billy just wants to help him. Micro convinces Frank to answer Billy's radio calls if he really trusts him.
Lewis confronts O'Connor about his faked military service. During the argument, O'Connor slashes at him with a knife. Lewis wrestles it away from him and kills O'Connor by stabbing him multiple times.
At the waterfront, Frank meets Billy. Frank fills Billy in on what Gunner told him about Kandahar, and that Agent Orange, Colonel Ray Schoonover, and Colonel Morty Bennett were involved. Billy offers Frank an out – a new identity and work with Anvil overseas.
Frank goes to the Lieberman house and Sarah tells him about the kids, and how hopeless things seem. Frank cheers her up by telling her that he thinks things are going to get better for the Lieberman family.
At the waterfront, Billy waits for Frank, but he doesn't show. Giving up, Billy gets into a car with Rawlins.
- Jon Bernthal as Frank Castle/Punisher
- Ebon Moss-Bachrach as David Lieberman/Micro
- Ben Barnes as Billy Russo
- Amber Rose Revah as Dinah Madani
- Daniel Webber as Lewis Wilson
- Paul Schulze as William Rawlins
- Jason R. Moore as Curtis Hoyle
- Michael Nathanson as Sam Stein
- Jaime Ray Newman as Sarah Lieberman
- Ripley Sobo as Leo Lieberman
- Kobi Frumer as Zach Lieberman
- Kelli Barrett as Maria Castle
- Nicolette Pierini as Lisa Castle
- Aidan Pierce Brennan as Frank Castle, Jr.
- Delaney Williams as O'Connor
- Jordan Mahome as Isaac Lange
- Michael Kennealy as Officer Fahey
- Ambre Michele Anderson as Businesswoman
- New York City, New York
- Tam Kỳ, Vietnam (mentioned)
- Chu Lai Air Base (mentioned)
- Texas (mentioned)
- Kandahar, Afghanistan (mentioned)
- Sicily, Italy (mentioned)
- Assassination of O'Connor
- Attack on Gunner Henderson (mentioned)
- Operation Cerberus (mentioned)
- Vietnam War (mentioned)
To be added
- United States Department of Homeland Security
- New York City Police Department
- Kentucky State Police
- Cerberus Squad (nightmare)
- United States Marine Corps (mentioned)
- United States Army (mentioned)
- Gunner Henderson
- Clay Wilson
- Morty Bennett
- Ray Schoonover
- Hubert Humphrey
|Family Dinner||Tyler Bates||Frank Castle dreams of his and David Lieberman's families throwing him a welcome home dinner. The dream is then interrupted by a group of soldiers barging in.|
- Billy Russo tries to contact Frank Castle by broadcasting "Raven, this is Blackbird". Raven was John Rambo's call sign used by Col. Trautman to contact Rambo when trying to convince him to surrender in the 1982 film Rambo: First Blood.