The film opens with Yelena Belova (Florence Pugh) infiltrating a hidden lab under orders from Contessa Valentina De Fontaine (Julia Louis-Dreyfus), working for the mysterious OXE Group. After retrieving secret research and artifacts, Yelena escapes, leaving the lab in flames. A dying scientist warns her about “Project Sentry,” hinting at darker secrets.
In Washington D.C., Bucky Barnes (Sebastian Stan), now a congressman, participates in Valentina's impeachment trial. Despite being under scrutiny, Valentina defends her covert actions, arguing that with the Avengers gone, someone needs to step up—even if it means crossing moral lines.
Yelena visits Red Guardian (David Harbour), revealing her emotional struggles and lingering grief over Natasha’s death. Seeking purpose, she accepts a new mission: eliminate Ava Starr, aka Ghost (Hannah John-Kamen), who is being held in The Vault.
When Yelena confronts Ava, chaos breaks loose. John Walker (Wyatt Russell) and Taskmaster (Olga Kurylenko) also arrive, each believing they’re the sole operative. A brutal standoff ends with Ava killing Taskmaster. Amid the rubble, they find a mysterious survivor—Robert “Bob” Reynolds (Lewis Pullman). The group realizes Valentina set them up to eliminate each other and erase OXE’s evidence.
Bob’s touch triggers vivid memories in the others. Yelena relives her Red Room training; Walker sees his failings as a husband and soldier. They band together, escaping The Vault by climbing up its walls and fighting through mercenaries. Bob shows extraordinary, godlike resilience, suggesting he’s more than human. Valentina later confirms: he’s the only survivor of Project Sentry.
Meanwhile, Bucky works with an insider, Mel (Geraldine Viswanathan), Val’s assistant, to expose her. Mel leaks key intel and warns Bucky about Bob’s unstable mental state.
On the run, the team reunites with Red Guardian, who hilariously arrives in a hideous limo. A convoy pursues them, and Bucky comes to their rescue—but not without causing the limo to flip. Valentina captures Bob, manipulating him by connecting over shared trauma. She persuades him that his immense power can be controlled and used for good.
Bucky captures the rest of the crew but soon releases them after Mel’s warning. Together, they hatch a plan to stop Valentina before she unleashes Bob’s powers. The group, now informally dubbed "The Thunderbolts" (after Yelena’s old pee-wee soccer team), crashes into Valentina’s Watchtower—formerly Avengers HQ.
There, they confront Bob, now transformed into the mighty Sentry. Their attacks are futile. Sentry overpowers them, even ripping off Bucky’s vibranium arm. But just as he turns on Valentina, Mel activates a killswitch, temporarily disabling him. However, it’s too late. Bob begins to transform into The Void, a dark entity born of his trauma and powers.
In the final act, The Void envelops New York City, turning civilians into shadows. Yelena bravely enters the darkness, confronting Bob within his deepest memories. She learns about his abusive past and emotional pain. Realizing her earlier advice to suppress emotions was wrong, Yelena shows Bob compassion. Her hug, joined by the team, brings him back from the brink.
The city is saved. But Bob remembers nothing.
Valentina, ever the opportunist, holds a press conference claiming she assembled the Thunderbolts as Earth's next Avengers. Despite public applause, Yelena warns Valentina—now they own her.
Red Guardian proudly discovers the team featured on a Wheaties box. He awkwardly tries to impress a woman at the store, but fails.
Fourteen months later, the New Avengers are met with mixed reactions. Sam Wilson is suing them over the "Avengers" name. Bob continues to struggle with keeping The Void at bay. Suddenly, the team detects a space threat. A mysterious aircraft enters Earth’s atmosphere, marked with a giant "4" on its side.
The screen promises: The New Avengers (and Bob) will return[wide].
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