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 and Hobbes are in bed. Calvin asks whether Hobbes is still awake, which he is. Downstairs they go. They wait at the fireplace, and Calvin says when Santa drops his bag down, Hobbes should grab it and Calvin will close the flue.

Calvin looks at Hobbes with sad eyes and apologizes for not getting Hobbes a gift or a card. Hobbes says it's alright, as he didn't get anything for Calvin. Hobbes gives Calvin a big tiger hug for being his best friend. Calvin calls Hobbes a big sissy and tells Hobbes he is squeezing Calvin so hard tears are coming out. Hobbes tells him "Merry Christmas".