A woman named Jody living in a rural area is driving to work at dawn to butcher a half-steer before the store opens. On her way, she almost hits a stray horse on the road. Her neighbors often kill the animals they can't afford to feed—even horses—but some can't bring themselves to and set them free with a deluded hope they'll somehow survive.

At work, her son, Tom, comes into work, his face haggard. She's been worried about Tom since he moved in with his girlfriend, whose dad and brother have been to jail for assault and Meth-cooking, and who is rumored to deal Meth supplied by her brother. Jody encourages Tom to break up with her, but Tom says he needs a little more time.

At night, Jody is awakened by a noise and sees the pale horse she almost hit out the window. Jodi now recognizes the horse, and had hoped to never see it again. She recalls when Tom was a newborn, feeling alone with her husband working long hours and only the baby to keep her company. One night, she saw this bluish, spirit-like horse leaning through the window, staring at baby Tom. The horse quickly vanished—and she stayed up the next few nights waiting for it. It doesn't come. One night, the baby is crying and her nipples are leaking and in a mad rage she clamps her hands over the baby's face, pressing down. Then, she lets go and runs out into the night as baby Tom cries louder and repeatedly punches a tree. Then, she sees the horse once more. The animal comes up and pummels her with its head. Eventually, it stops and she runs back to her son's cries.

Another day at work, Tom comes in late with a black eye and a gash on his forehead. His girlfriend comes in to the shop a little later and tells Jody she has to talk to him. Jody reluctantly tells her to go out back and that she'll tell him she's there. Tom doesn't come back for awhile and Jody goes out back to see the two in an intense discussion, ending with Tom comforting his girlfriend.

Later, as she closes the shop, Jody realizes the boning knife is missing. Out of concern, she drives to Tom's house and sits outside in her car. Tom comes out and sees her and asks what she's doing. She urges him to come home, and he refuses, saying she's "only making this worse." At home, she listens to the police scanner. She hears his address mentioned and worries about him.

Later that night, Tom's wife bangs on his door. Her face is a bloody mess. She says, "It wasn't him." Jody tells her it will be alright and asks her where Tom is. The girl says it won't be alright and she "doesn't want to do this anymore." Jody tries calling Tom and comes back to find the girl gone—along with Jody's rifle. Jody follows her into the woods. The girl is trying and struggling to shoot herself but Jody stops her. A stray bullet hits something in the bushes. She calls out for Tom. The girl says, "He ain't here. And he ain't coming back." In a snowdrift, Jody sees the horse, with blood leaking from a hole in its chest.