The Young and the Restless Recap Jan 22: Billy Wants Chancellor, and Victoria Did Cane Dirty
In the Young and the Restless recap for Thursday, January 22, 2026, Victoria confronts Cane and Phyllis, Victor throws out Jack, and Billy and Sally deal with the end of beginnings.
The Young and the Restless Recap
At home, Sally told Billy she needed a decision, but he wanted to talk to her first. “So I can kill your dream?” she snapped. She told Billy that if Chancellor meant that much to him, she wouldn’t stand in his way.
However, when Billy told her that he wanted to save Chancellor, she argued every point and tried to convince him not to take Cane up on his offer.
Billy knew she was worried about how things would change, but he also knew what it was like running the company and assured her there would be plenty of time for them to build their dreams.
Billy reminded Sally of the agreement they signed last summer, that if he left for Chancellor, she’d become the sole CEO of Abbott Communications. “So you’re saying my ambitions should just kick in and everything will be okay?” she asked.
Billy asked if they were okay and thought that they could talk through anything. Sally interrupted to tell him that this was his decision to own, and hers would be hers.
What Happened When Victoria Played Dirty
On the train, Phyllis told Cane that she’d not get in his business anymore, as he asked. Cane told her that they’d have their hands full and would have to delegate certain divisions, like Chancellor to Billy.
Cane said that Newman Enterprises was essentially theirs, and now they just had to yank off the bandage and take control of the company. “Over my dead body,” Victoria said as she walked in.
Victoria told Cane that she spoke with Lily and Matty, and she told them both what he was doing to her family. Victoria said Lily was horrified, and Matty’s heart was broken hearing what her father had done. “Oh, lord, please. Are you finished?” Phyllis asked.
Victoria said she then spoke with Charlie, who revealed he was considering giving his dad a second chance, but that disappeared the moment he heard the news. She then smiled as she carried on about all the things Cane’s kids said about him and kicking him out of their lives permanently.
Victoria concluded by congratulating Cane on his accomplishment, noting it cost him everything. Phyllis told Victoria that she stood by her father as he ruined lives for years, and it made her just as bad as he was, adding that they thought anyone who didn’t have the Newman name was lesser than them.
Smugly, Victoria said she filed a complaint with the FTC and they’d both be investigated. Phyllis scoffed that the feds would be dazzled hearing how they attacked Arabesque.
“I took my loss,” Cane told Victoria, “the logical thing would have been for you to take yours. Leave well enough alone.” Victoria told Cane that he was repulsive, and added that his kids and Lily thought so, too.
Cane wondered if it broke Victoria’s heart that Victor brought it on himself or if he wants something, he thinks it should be his. “He made his move based on a perceived threat, I made mine based on an actual attack. And now you think you can come in here and use Lily and my kids to affect me? I. Don’t. Care.”
Victoria told Cane that he lost his soul. Before leaving, she yelled at Phyllis on behalf of Nick and said she didn’t deserve him. Phyllis followed her to the hallway and said she was lucky because she was able to take over the family business without having to spend one family dinner with her.
Y&R Recap: The Case Against Phyllis
Nick slept on Sharon’s couch, but woke to pain in his leg. Sharon asked if he’d been on the couch all night, but he wasn’t sure. Nick recalled finding the pills in his jacket pocket from when he was looking for Noah in L.A.
Sharon reminded Nick that he agreed to go to the hospital in the morning, but he didn’t know what she was talking about. Nick reluctantly agreed to go but said he needed to go see his dad in person first.
At the ranch, Victor told Jack to get his hands off of his wife. Nikki tried to explain that Jack was there to offer her support, but Victor said he was there to gloat. Victor told Jack to get out.
On his way out, Jack passed Chelsea and Adam. They all paused, but Jack just glared and kept walking. When they came in, Victor said Jack wanted to dance on their graves, while Nikki corrected him and said he was there to offer support.
Adam told everyone about the Newman Media article that was going out, heavily implying that Cane and Phyllis committed state and federal crimes by hacking their computer systems.
Nikki wondered if it was safe, considering what they did to Arabesque. Adam said they couldn’t prove that, and Phyllis installed the app on their system, so she’d go down for it.
Nick came in, and Adam gave him an update that the AI program was replicating and copying signatures on contracts to make it appear they had agreed to the takeover. Victoria came in and assured everyone that Phyllis didn’t care that she committed crimes.
Nikki was shocked when Victoria revealed she told Lily and her kids what Cane did, so they would hate him.
Nick’s Mind is Foggy, But He Remembers How To Murder
Nick went to Victor in the atrium and asked him if they could talk privately, as he wanted to know what happened to Matt. Victor told him Matt had been “taken care of” and he’d never have to think of him again.
Nick was grateful but said he’d hoped to handle it himself. Nick suggested they “take care of” Cane the same way he “took care of” Matt. “The thought has crossed my mind. But I have some other things to deal with first,” Victor said.
Nick went back to the living room and asked how Nikki was doing. She said that every day at Chancellor was like every day with Katherine, and she felt like she was letting her down.
In the atrium, Victor called Jill and told her that he warned her Cane would cross the line. “And just has. Call me back immediately,” Victor said.
The Abbotts Compare Notes
At Society, Diane and Kyle were making calls to ensure Jabot was back on track and blamed the rumors on Newman Media lying. They delighted in the attack on Newman, and Diane said the only thing better would be to see Victor’s face as it happened.
Jack joined his wife and son and confirmed that Newman Enterprises, Newman Media, and Chancellor were all going down. Diane and Kyle mocked the Newmans, so Jack snapped in defense of Nikki.
Jack told Diane and Kyle that Cane offered Billy control of Chancellor and he didn’t think it was an offer his brother could refuse. The three talked about and all of his faults, Victor and Sally’s reaction, and what a mistake it would be for Billy to take Cane’s offer.
Billy sat outside of a cafe on the cold, snowy patio and thought about conversations he and Sally had in the past about starting Abbott Communications, and when he asked her to be his partner.
He remembered his initial dream about it and getting Sally on board to carry out his vision. In flashbacks, he also remembered her quitting Marchetti to help him make his dream a reality.
Billy recalled his conversation with Jack and how Sally told him she couldn’t live her life waiting for the rug to be pulled out from under her.
Sally went to Crimson Lights and had her own flashbacks to the beginnings of Abbot Communications. She recalled Billy talking about being hurt when he lost Chancellor and how she worked through it all with him. She remembered him letting go, getting a new home, and starting the company.
“I love you, Billy. I just don’t know how much more I can take,” Sally mused out loud. She called Audra and left a message, saying she felt like she had a lot to lose.
Billy Makes His Decision
Phyllis was trying to get Cane to go to the Newman office for the official takeover when Billy came in. He asked if the coup was complete and if Newman was in Cane’s hands. Phyllis said they weren’t giving interviews yet.
Cane looked amused as Billy told Phyllis that Sally would appreciate hearing it. “I’m not here as part of the media,” Billy told her. Phyllis told him it was still none of his business. Billy looked at Cane as he said that may have been true before, but he hoped very much to make it his business now.
Despite Phyllis voicing her concerns, Billy talked to Cane. He said he made him an offer, gave him time to think about it, and the answer was a resounding yes. “So do we have a deal? Or are you going to let her call all the shots?” Billy asked Cane.
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