The Falcon and The Winter Soldier starts with a sombre Sam Wilson putting his finest suit on and packing up Captain America's shield, all while he remembers Steve Rogers' words to him at the end of Avengers: Endgame.
After the somewhat reserved title card for the series comes on screen, we follow The Falcon on a mission to rescue a soldier who has been kidnapped by LAF. Captain America: The Winter Soldier's Batroc is leading them, and what follows is an intense, action-packed sequence showcasing Sam's new wings (and the robotic Redwing). Taking Batroc's men down one-by-one in the sky, The Falcon eventually manages to outsmart some missiles to make the save, though the villain does appear to make his escape (we have a feeling that's not the last the hero will see of him).
Back on the ground, Sam is repairing Redwing while chatting to his military buddy Joaquin. The latter explains the danger of the LAF, but says the Flag-Smashers could be even worse. They think life was better during the Blip, and want to create a world without borders. Back in Washington D.C., we seemingly learn why Sam was in that suit packing up the shield; he's at the Smithsonian giving a speech about Cap's legacy (all in the past tense...). Ultimately, as Rhodey watches on, he donates the shield to the museum. It clearly wasn't an easy choice for Sam, but a government bigwig thanks him and says he made the right decision. The two Avengers later have a catch-up, and while War Machine seems upset that there won't be anyone there to wield the shield, Sam won't be swayed.
In a swanky hotel, a group of friends call it a night, while a V.I.P. is escorted through the building. Suddenly, the Winter Soldier attacks. Has Bucky resumed being an assassin in the six months that have passed since we last saw him? "Hail HYDRA," he says, killing his target before gunning down one of the innocents we saw arriving a little earlier (unfortunately for him, he's a witness).
With that, Bucky wakes up in the present, meeting with his therapist the next day. He's been pardoned by the government and is making "amends" for his past actions. He recently crossed one name off his list by helping the authorities arrest a corrupt official he helped get into office as the Winter Soldier. Bucky broke a few of his therapist's rules to make it happen, and as a former soldier herself, she doesn't buy his later claims that he just wants to find peace. She says he needs to make friends, and it seems Bucky is trying given how he's befriended an elderly man, Yori, who lives nearby. He ends up getting Bucky a date with a waitress, but we soon learn that Yori is, in fact, the father of the young man the former assassin killed as the Winter Soldier. He just doesn't have the courage to admit he was responsible, but clearly feels tremendous guilt.
At home, Sam argues with his sister about the family boat. She wants to sell up after holding the fort during the Blip, but he doesn't want to say goodbye to their family legacy. He suggests getting a loan through the bank, but Sarah isn't convinced they'll help. Bucky goes on his date - it's a little awkward - but just as things start looking up for him, she talks about Yori and how awful it is for a parent to lose their child. Bucky heads to his apartment to confess all, but can't bring himself to do it, and instead just gives his friend the money he owed him from lunch. We catch a glimpse of his list, and there's one name which really stands out: Zemo.
In Switzerland, Joaquin is investigating the Flag-Smashers, and finds himself in the midst of one of their gatherings. A group of supporters gather and don masks in order to hide someone who appears to be their leader escaping with some stolen loot. He displays super strength, and leaves the Sam's ally bloodied and beaten on the ground. Interestingly, we do catch what appears to be a fleeting glimpse of Erin Kellyman's character as she whistles to get everyone's attention - could those Songbird rumours be correct?
Regardless, things don't go well at the bank, and while the manager recognises that Sam is an Avenger, he simply can't help the brother and sister with a loan given how much things have changed since the Blip. Sarah is upset, but Sam is determined they won't sell the boat and house. Later that day. Joaquin fills him in on what happened, but is interrupted by a breaking news story. That government bigwig who told Sam he did the right thing is holding a press conference saying America needs a hero who can inspire them and be a symbol for the country. With that, he introduces the NEW Captain America as a devastated Sam watches on. John Walker walks out and winks towards the camera as the episode ends...