The Young and the Restless Recap Jan 21: Victor walks in on Jack and Nikki, Sally Confronts Cane
In the Young and the Restless recap for Wednesday, January 21, 2026, Sally went after Cane for offering Chancellor to Billy, Jack ripped into his brother on Nikki’s behalf, Chelsea sparred with Phyllis, Daniel and Tessa decided to go for it, and Victor couldn’t unsee what he walked in on.
The Young and the Restless Recap
Sally came to Cane’s train and told him about all the progress Billy had made in letting go of his obsession over Chancellor. She said that Cane just derailed that by offering Chancellor to him.
Cane told Sally that he cared about Billy, too, and that he knew him better than Sally did. Sally said that the Billy he used to know didn’t exist anymore.
Cane said that he didn’t think that he or Billy had changed all that much at their core, despite trying. Although they weren’t brothers, Cane believed that they were a lot more alike than Sally wanted to believe.
Cane said that Billy’s positive life path was doomed because he was only walking it for her. “He tried to be who you wanted. Unfortunately, it was at the expense of what he wanted,” Billy told her.
Cane noted that Billy could have both her and Chancellor, but she was forcing him to choose between his vision of their life together and who he truly was. He said that’s what Lily did, and it didn’t turn out too well.
Sally snapped that Cane knew nothing about her relationship with Billy. “I know I can give him what he wants the most: to run Chancellor. Are you really going to stand in his way?” Cane asked.
Sally tried getting Cane to sympathize with Nikki, Nick, and Victoria, but Cane didn’t care about any of them. She said that Cane was exploiting Billy’s feelings and that if he left Abbott Communications, things would blow up in his face with Jill.
Sally demanded that Cane rescind his offer. Cane insisted he was trying to help Billy, but Sally said if he didn’t take it back, he’d hurt him more than Cane could have ever imagined.
At the Abbott mansion, Billy told Jack about Cane’s offer. Before he could even begin, Jack was already judging him and reminding Billy that he had made a lot mistakes in the past. Jack got angry when he heard about the offer, with his first thought being how Nikki would feel, and then he accused Billy of taking advantage.
Billy told Victor that he didn’t have anything to do with Cane’s takeover, and he didn’t orchestrate the opportunity; Cane came to him.
Jack asked with zero irony if Billy was going to let Nikki clean out her office before he sat at her desk. Billy said he’d give her just as much time as she gave him before she moved in with her boxes.
Billy asked Jack to listen instead of judging, then told him that he hadn’t accepted Cane’s offer yet, but that didn’t matter to Jack. He barked that Billy would do what he wanted, no matter what anyone else did.
Billy offered to explain again, and this time managed to get out several sentences. He pointed out that he wouldn’t be stealing anything, and that Jill wanted him to preserve Katherine’s company, and he had that exact intention.
Jack practically mocked Billy for his noble intentions, and then scolded him for doing whatever he wanted no matter what Jack said. Billy told Jack that it wasn’t true; he said he respected Jack’s opinions, and it hurt when he constantly thought the worst of him.
Amid more snark from Jack, Billy repeated that he wasn’t walking away from Abbott Communications, or Sally, and that he respected her opinion as well. Jack said if that was true, he’d have told Cane no already.
Jack complained about hurting Nikki again, so Billy spelled it out for him: Victor took Chancellor and gave it to Nikki to run, and now Cane is taking it and giving it to Billy. Jack didn’t see the similarity.
Billy told Jack that it wasn’t about what he owed Cane; it was the opposite, and Cane was trying to make things right from his past. “Do the respectable thing. Do the noble thing — and not for anyone else. For you,” Jack added.
At Crimson Lights, Chelsea saw Phyllis and asked if she was proud of herself. Phyllis replied that she bested Victor, so yes, she was really, really proud of herself and loving life right now. Chelsea told her that what she did was illegal, but Phyllis pointed out that no one said that when Victor did the same to Arabesque.
As Daniel walked in, Chelsea said it wasn’t over yet, but it was good that Phyllis was so confident because she’d get sloppy, and when they did strike back, she wouldn’t know what hit her. Chelsea told Phyllis not to get too comfortable and warned that her arrogance and pride would be her downfall.
After Chelsea left, Daniel walked over and accused Phyllis of going from getting Marchetti signed over to Summer to taking down Newman, probably illegally.
Phyllis told Daniel to back off and said she deserved to gain as much as Victor did to fall. Daniel ripped into her on Summer’s behalf.
Phyllis said it was business, and if he and Summer didn’t understand that, then they didn’t love her or believe in her like she thought they did.
Phyllis walked out, but Tessa came in. She and Daniel told each other they couldn’t stop thinking about each other, and neither wanted to ignore it anymore, so they kissed.
Phyllis went to see Cane and told him about Chelsea’s warnings and how Daniel took the Newmans’ side. Cane empathized but got quiet when Phyllis asked when they go into Newman HQ and take over.
Cane paused, then told her that Sally ripped into him, too, because he’d offered Chancellor to Billy. Phyllis wondered how Jill would feel when she found out he gave him something back that she had taken away.
Cane was optimistic that Jill would see things differently — and that Billy would succeed. Cane insisted on giving Billy the chance no one else would. Phyllis warned Cane that anyone who tried to help Billy would be let down. Cane snapped that he was done explaining himself to people, and from now on, the only person whose opinion mattered was him.
Billy came home to Sally and asked if she wanted to grab a bite to eat and talk, but Sally said no. However, she did want to know Billy’s decision on Cane’s offer.
Sally said she understood why the offer was tempting, but Billy stopped her to say how the company, Katherine, and her legacy meant more to him than she knew.
Billy told Sally that because of her, he didn’t carry demons anymore about losing Chancellor. But Caen would put someone in charge of the company, so why not him?
“Why not someone who wants that company to thrive?” Billy asked. He said if it wasn’t about revenge, then forget the naysayers and want it for him. Sally said she didn’t trust Cane and didn’t believe his agenda was in Billy’s best interest.
Billy understood Sally’s concerns, but he believed that Cane’s intentions were different this time, and it felt genuine.
Jack went to the ranch to see Nikki, and she told him she was grateful that the Matt Clark saga was over. She didn’t know what happened, just that Victor told her Matt couldn’t hurt anyone ever again.
Nikki said Victor was at the office working with the IT team, but it looked like they really could lose everything.
Nikki said the parts that Victoria moved could be enough to rebuild, but what Victor built his whole life was crumbling. Nikki worried that she’d let down Katherine, but Jack assured her she had not.
Jack told Nikki that Cane offered Chancellor to Billy and repeated their conversation.
Nikki assured Jack she wasn’t giving up Chancellor that easily, but didn’t want to put Jack in the middle. As Nikki told Jack how much his loyalty and friendship meant to her, she hugged him. Neither saw Victor walk in behind them as Nikki was in Jack’s arms.
Miss a day? Catch up with the Young and the Restless recaps — or be the first to look ahead with our Y&R spoilers at The Soap Scene!