Contains spoilers for this episode and earlier MCU stories.
A recording of Eleanor Bishop meeting Wilson Fisk reveals that she killed Armand and framed Jack. She wants to leave Fisk's operation now that Kate is in danger, but he refuses to let her walk away. Clint and Kate prepare trick arrows to protect Eleanor as Fisk sends the Tracksuits and Kazi after the party. There, Kate confronts her mother and learns that her father's debts brought Eleanor into the arrangement.
Kazi opens fire, and Clint gets help from Jack and the role-players to evacuate the guests. Yelena arrives to kill Clint, with Kate trying to hold her off. Clint ends up stranded in the Rockefeller Center Christmas tree until Kate topples it, leaving both archers facing the gang on the ice rink. Their trick arrows clear a path through the attackers. Kate then goes after Eleanor while Clint stays behind to face Yelena and explain Natasha's death.
Kate battles Fisk, surviving his attacks long enough to set off the scattered trick arrows and incapacitate him. She calls the police and lets Eleanor be arrested for Armand's murder. Clint reaches Yelena through Natasha's familiar whistle and his account of her sacrifice; Yelena spares him. Elsewhere, Maya kills Kazi after he refuses to leave with her, then confronts Fisk. An offscreen gunshot leaves his fate unresolved. On Christmas Day, Clint brings Kate and Lucky home, returns Laura's watch and burns the Ronin costume with Kate.