Chris Cringle, a grizzled and disillusioned Santa Claus, struggles to keep his gift-giving operation afloat amid declining belief and financial woes. Living in a small town with his devoted wife Ruth, Chris accepts a government contract to produce materials for the military to make ends meet. Meanwhile, Billy Wenan, a spoiled and vengeful child who feels wronged by Cringle's Christmas present, hires a hitman known only as the Skinny Man to kill Santa. The assassin has his own grudge against Santa and sets off on a mission to eliminate him.

As Skinny Man gathers intel and closes in on his target, Chris deals with his mounting frustrations and tries to rediscover his purpose. Ruth provides steadfast support, believing in Chris's mission despite their difficulties. In a series of tense build-ups, the paths of the determined hitman and the weathered Santa inevitably cross. With stakes high and tensions escalating, the story unravels towards an intense culmination as both adversaries brace for their inevitable confrontation.