The Young and the Restless Recap Jan 15: Nick threatens to crush Phyllis and Cane

In the Young and the Restless recap for Thursday, January 15, 2026, Nick tried appealing to Cane and Phyllis, Billy got the offer of his dreams, and Summer was notified.

The Young and the Restless Recap

Sally woke up later at night to find that Billy had gone out. He left a note saying he’d gone for a run. She started to text him, asking where he was, but changed her mind and texted Audra instead.

When Sally met Audra at Society, she was surprised to hear that she’d dropped her feud with Claire. She quipped that she’d try killing her with kindness instead.

Sally shared her concerns about Billy’s desire to see Victor fail, but Audra agreed with the vision. She understood Sally’s concerns about Billy lying but asked her if would really be that bad for her if Billy actually went after Victor.

Cane and Phyllis waltzed into the train, still on a high from all that winning, but when they came into Cane’s office, Nick was waiting for them. Noticing the crutches, Phyllis asked if he was hurt. “The only words I want to hear come out of your mouth right now is how you can justify what you’re doing to my family!” he snarled.

Cane told Nick to come after him instead, but he said he’d deal with him later. Nick asked Phyllis how long she thought she could sustain this attack. Phyllis didn’t think Nick was in a position to call the shots.

Nick promised that his family would crush her. Cane told Nick he was good at pounding his chest, but all of this could’ve been prevented if Victor had just sold him Chancelor when he asked in Nice.

Cane got a text from Billy asking him to meet at Crimson Lights, and left. Nick told Phyllis she was decimating the lifeblood of his family and wondered why she didn’t care, as he clutched his leg in pain.

Phyllis quoted Victor that it was just business and told Nick he was being dramatic when he claimed it was personal. Nick told Phyllis that her obsession with taking down Victor was sick.

Nick threw it in Phyllis’ face about when she faked her death and how she got Summer to lie for her. Nick yelled that she would not come back from this, and he would tell Summer every detail of what she had done.

“Are you threatening me now?” Phyllis asked. Nick promised Phyllis he would bring her and Cane down. Phyllis said the facts were that she and Cane had won, and all his finger-wagging wasn’t going to work.

Nick told her not to see it as a win, because she was going to lose everything, starting with her family. He said he knew her better than anyone and would be there for her in any circumstance, and felt betrayed by how she repaid him.

Phyllis explained that he had seen her drown this past year, and she was looking for a purpose. She said he always wanted to control her and tell her who to be.

Phyllis said she saw a legitimate offer and she took it. “And after everything I have been through in my life, especially this past year, and especially at the hands of your father, how can you deny that I need a win?” Phyllis asked, choking back tears.

Phyllis told Nick that this was karma for Victor and she wasn’t going to defend herself. “There is no defense. You said we were family,” Nick told her. He asked if she was so blinded by ego and greed that she was prepared to go through life with no friends.

“Friends?” Phyllis said. She told him that she had no friends, Lauren and Michael were fairweather at best. Nick swore he was going to grind her and Cane to dust with no regrets. “In fact, I think I’ll enjoy it,” Nick sneered before struggling to walk out.

At Crimson Lights, Billy told Cane he knew he was working on something really big. “So either you have a warning for me — or an offer,” Billy said.

Cane wondered why he was interested, given the things he’d said about Phyllis and Cane earlier. Billy admitted that Phyllis pushed his buttons, but he pushed hers because he could.

Cane told Billy that they had taken down Victor and that Newman Enterprises would soon be in his hands. Billy told him he was impressed and jealous that he wasn’t involved. Cane wondered if Billy still wanted to be part of the company. 

Billy noted that he’d just started Abbott Communications, but if he was interested in Chancellor, it seemed like Cane was offering it to him. Cane told him there was no angle; it was just a peace offering.

Cane said he knew Billy took a hard hit from Victor and Jill, and he didn’t deserve it. He said Billy still wanted to run Chancellor; it was hers. Billy wondered what Phyllis would think.

Cane said there were no strings attached; this was just an offer to make things right for Billy. He laughed when Billy wanted to think about it, as he was offering everything he’d ever wanted.

Billy said he had worked hard to let go of his obsessions and wanted to make the right decision. Cane told him that obsessions were about things that were unattainable, but now, Chancellor was his if he wanted it, no strings attached. Just the opportunity to do what he believed he could once and for all.

Billy reminded Cane that not long ago, he had advised him to forget Chancellor and focus on Sally and Abbott Communications. Cane told him he knew what it was like to build something from the ground up, and admired his commitment. But he had a day or two to decide, and then the offer was off the table.

Billy said they could talk in the morning. “I really want this for you, Billy, you just have to decide if you do,” Cane told him. They shook hands as Sally walked in and saw. 

When Billy greeted her, she asked if meeting with Cane was part of his plan when he went for a run. “You saw that,” Billy realized.

Billy told her that Cane contacted him, so he met with him. He tried to dismiss it and asked about Audra, but Sally pummeled him with questions. 

Eventually, Billy sat down and told Sally that Cane offered him the one thing he wanted more than anything else: Chancellor, free and clear.

When Cane got back to the train, Phyllis summarized Nick’s warnings to her, but she was confident that Summer would understand what she did.

Cane told Phyllis that the takeover was too big for her to be waffling. He said he would understand if she couldn’t proceed, but if so, he’d need to make other plans, so he needed her to tell him now whether she was all in.

Phyllis said Nick got to her, but she wasn’t backing out. Cane reminded her that he had faith in his bond with his kids, too, but they won’t speak to him. He asked if losing the respect of her kids was worth it.

Cane said that Nick could be on the phone with Summer as they spoke and asked her to consider what it meant if she couldn’t see Harrison or talk to Daniel. He promised to understand if Phyllis reconsidered. “I’m in this til the end,” Phyllis promised. She said that the Newmans didn’t scare her and the fact that they think they did made her even more determined ot burn them down.

Nick got back to the main house but was in extreme pain. He called out to his parents but assumed they had gone to bed as he sank to the couch.

Nick hobbled to get some water, then took the last pill from his prescription bottle. He called Summer and told her to come home. He kept moaning in pain and tried to talk through gritted teeth while pretending he was okay.

“Listen, I am calling for a reason. There’s something going on here. It’s important, and I need to tell you,” Nick said.

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