Calvin notices there isn't a stocking over the fireplace for Hobbes. Calvin asks where Santa will put Hobbes' loot if there is no stocking. Mom assures Calvin she'll make a stocking for Hobbes. Mom looks over at Dad and asks about Hobbes' loot. Dad says not to look at him, he's done shopping.

Calvin excitedly tells Dad that he and Mom have picked a Christmas tree. He tells Dad to help bring it in. Dad tells him he thought they'd keep the tree in the garage this year. Dad continues that you can go out and look at it, and that saves the trouble of decorating it. Calvin can't believe they're not decorating the tree. Dad says they take it down in two weeks, so it's not worth the bother. He mentions that if Calvin gets a present......and Calvin is shocked to hear IF he gets A present. Dad continues ....you can take it to the garage and pretend the tree has lots of lights. Calvin runs off yelling for Mom. Mom points her finger into Dad's nose and tells him she knows somebody who's going to get a lump of coal in his stocking this year. Dad comments on the season getting less jolly every year.

Calvin is carrying three water balloons, Hobbes has one. Calvin says he's a walking arsenal of hydro-weaponry. Calvin says he sees the fear in Hobbes' eyes. Calvin brags that he can make Hobbes three times wetter than Hobbes can make him. He chides Hobbes to throw his balloon, and his utter sogginess is assured. Calvin can act with impunity, he fears nothing. Hobbes flips his water balloon up into the air and tells Calvin to catch. Calvin tries juggling his balloons and Hobbes'. SPLASH! SPLOOSH! GISSHH! FWOOSH! Calvin, soaking wet, says superpowers have it tough. Hobbes suggests Calvin try stocking up on brains instead.

Calvin is mailing his Christmas list to Santa. It's costing $2.40 to send. Calvin says Santa had better read it carefully. Last year, he didn't get half of what he wanted. Hobbes asks Calvin if he behaved better this year. Calvin says he's been a veritable angel this year, like always. Hobbes says in that case, they can have a cookout with his stocking contents. Hobbes asks if Calvin put anything on his list for him. Calvin tells him to make his own list. Hobbes sticks his tongue out and tells Calvin "tidings of comfort and joy to you too". Calvin tells him it's every man for himself in this world. But since Calvin can't reach the mail box flap to open it, he tells Hobbes to give him a boost.

Calvin sees Susie. He wishes he had a snowball to smack her with. Hobbes says he bets Santa Claus heard that. Calvin remembers. Hobbes suggests Calvin apologize. Calvin does. Hobbes suggests he better say he likes Susie. Calvin says that's going too far. Hobbes says he better say he'd like to give her muchas smooches. Calvin starts to fight with Hobbes. Susie asks what he's doing. She doesn't know what's weirder, that he's fighting a stuffed animal, or that he seems to be losing. Susie leaves. Hobbes says after today, Santa will take a shovel to the reindeer stalls to fill Calvin's stocking.

Calvin is holding onto Mom's leg. Dad is pulling one of Calvin's legs to get him off. Calvin sees Rosalyn. Dad tells Rosalyn the neighbors' numbers are by the phone, and could she pull a leg? Rosalyn asks if she told them her rates have doubled.

Calvin tells Hobbes the aliens claim he sold a defective planet. Hobbes suggests offering a refund. Calvin threw away the leaf collection when it got a bad grade. Hobbes thinks they should help them stay warm. Calvin says they don't have arms. They'd need huge socks. Hobbes starts to take down their Christmas stockings from the fireplace. Calvin thinks that's a bad idea.

Hobbes puts the Christmas stockings on the aliens. They thank the earth leader and leave. Calvin complains Santa can't fill them with loot. Hobbes is sure that Santa knows they did a good thing, and things will work out. Calvin realizes he did do something good. He's thinking jackpot now. Hobbes says Calvin's selflessness is the hope of the season.