On June 17, 1972, within the heart of the Watergate complex, Frank Wills, a vigilant security guard, stumbles upon a suspicious act—a door's bolt taped to prevent it from locking. This discovery leads him to alert the police, who subsequently arrest five men infiltrating the Democratic National Committee headquarters. The following day, Harry Rosenfeld (Jack Warden) and Howard Simons (Martin Balsam), editors at the Washington Post, review this scandalous burglary, noting the strange assortment of cash, 35mm cameras, and Walkie-Talkies in the burglars' possession, which raises alarms about their intentions.
The incident, initially brushed off as minor news, prompts the assignment of new reporter Bob Woodward (Robert Redford) to cover the courthouse proceedings. Woodward’s investigative instincts kick in as he uncovers that the five men—James W. McCord Jr. (Richard Herd), along with four Cuban-Americans—possess electronic bugging devices and are backed by a high-profile attorney. The revelations escalate when McCord claims to have recently left the CIA, implying deeper connections to the covert operations of the U.S. government.
As Woodward digs deeper, he crosses paths with notable lawyer Markham (Nicolas Coster) and realizes the magnitude of the conspiracy enveloping the White House. The police recover incriminating documents at the burglars' hotel, and Woodward receives a tip that connects the dots to E. Howard Hunt, a figure associated with President Richard Nixon's administration. Despite the resistance Woodward faces—calls are ignored, and doors slammed in his face—he forges ahead, uncovering links that trace back to the President's inner circle.
Reporting alongside Carl Bernstein (Dustin Hoffman), who takes on the Watergate story, the duo evolves from reluctant partners to a formidable investigative team. As they peel back layers of deception, Bernstein’s conversations with Karen, Hunt’s assistant, yield information on campaign espionage, opening up new leads. However, vital evidence remains elusive, and opinions on the credibility of their work divide the newsroom, with Benjamin Bradlee (Jason Robards) urging them to keep investigating.
Navigating through political intrigue, Woodward relies on an anonymous source identified only as “Deep Throat” (Hal Holbrook), who guides him with cryptic hints and the essential advice to “follow the money.” His counsel proves invaluable as they connect the burglars to campaign contributions linked to Nixon's re-election effort, uncovering a web of corruption grounded in CREEP.
Their relentless pursuit reveals a slush fund intertwined with high-ranking officials, drawing the attention of the White House and intensifying the stakes of their investigation. With each revelation, the complexity of the scandal unfolds, bringing former CREEP treasurer Hugh W. Sloan Jr. (Stephen Collins) into the spotlight, corroborating links to key figures in Nixon's regime.
Despite pushback from the administration and disinformation campaigns, Woodward and Bernstein press on, fueled by a commitment to the truth. Their discovery of a list of influential figures within the CREEP network leads them deeper into the labyrinth of deceit, where they face retributions for shining light on the administration’s dark dealings.
As January 20, 1973, dawns, the duo prepares to unveil their comprehensive findings, even as the nation witnesses Nixon's second inauguration. The tension mounts in the newsroom as a montage of headlines detailing the unfolding scandal foreshadows the monumental impact their work will ultimately have on American history, culminating in the eventual resignation of Nixon on August 9, 1974.
