On July 4, 2024, Ava Brucks visits her hometown of Southport, North Carolina, for her best friend Danica Richards' engagement party. Ava, Danica, Ava's ex-boyfriend Milo Griffin, and Danica's fiancé, Teddy Spencer, drive to see the fireworks, inviting their estranged friend Stevie Ward, who has recently left drug rehab. While parked on a winding cliffside road, Teddy causes a truck driven by Sam Cooper to swerve off the cliff. He swears them all to secrecy, his politician father, Grant, covers up the accident, and he and Danica break up. One year later, Ava returns home for Danica's bridal shower for her wedding to her new fiancé Wyatt. Ava meets true crime podcaster Tyler Trevino, who is in Southport to research the killing spree conducted by fisherman Ben Willis in 1997. At the party, Danica receives a threatening note reading, "I know what you did last summer". That night, Wyatt is hacked to death by a hook-wielding fisherman who resembles the now-deceased Ben. When Tyler shows Ava the location where Ben murdered sisters Elsa and Helen Shivers in 1997, the Fisherman ambushes them and kills Tyler, though not before Ava injures him. The group seeks help from survivor Julie James, who assumes that the Fisherman has a personal connection to Sam. At a town hall meeting, Julie's ex-husband and Stevie's boss Ray Bronson accuses Grant of covering up the 1997 killings to boost the town's appeal. Ava, Milo, and Stevie learn that Sam's truck belonged to town pastor Judah Gillespie. The Fisherman attacks Danica, but Teddy saves her. Milo is strangled by the Fisherman, who takes his corpse. Ava and Danica learn that Judah knew Sam, and report him to the police but are locked in an interrogation room for harassment instead. The Fisherman murders Teddy and Grant. Ray urges the women to escape Southport on Teddy's yacht which the girls do after discovering Milo's body in his abandoned car. Meanwhile, police officers find Judah dead in his church, along with a photo of Sam and Stevie, revealing Stevie to be the Fisherman. On the yacht, Stevie ambushes Ava and Danica, explaining that she and Sam became friends in rehab and fell in love before his death, for which she now seeks revenge. Stevie stabs Danica and throws her overboard, but Ray shoots her off the boat. At his bar, Ray tends to Ava, who notices he has an injury in the same spot she wounded the Fisherman, and realizes he is Stevie's accomplice. Julie learns this and rushes to the bar, where Ray attacks them. Ray reveals he followed Ben's footsteps and took Stevie as his partner not only to help her but to seek revenge on Southport for trying to cover up his life's ruin over the 1997 killings. Before Ray can kill Julie, Ava fatally shoots him with a speargun. Danica survives, and after reuniting with Ava, she reveals to her that Stevie is still alive. Julie receives a note reading "it isn't over" and visits fellow survivor and her old roommate Karla Wilson to ask for her help.
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