The Young and the Restless Recap, February 12: Billy and Phyllis claim Genoa City’s corporate throne

Here is your The Young and the Restless recap for Thursday, February 12, 2026.

What happened on The Young and the Restless

The Young and the Restless' Victor Newman | Image: CBS

Victor provided Nikki with the best update of her life: Mariah and Dominic had been found, and the boy was on his way home. Nikki believed that Mariah needed more help than they realized. However, she was worried that the system wouldn't treat her with the compassion that she deserved.

Victor switched subjects and considered the possibility that Billy told the truth. Perhaps Cane planned to double-cross him and not sign back with Newman Enterprises. The radio silence was giving weight to Billy's previous warning.

Nikki defended Cane, saying he seemed genuine when he stopped by the ranch. She didn't think they should take Billy's word about any of it. Besides, Phyllis was the real wildcard in the scenario. Victor refused to sit idly by and wait for answers, so he planned to stop by the train and confront Cane.

Cane remained unconscious on the train following Phyllis surprise chorloform attack. Victor arrived and found Cane completely incapacitated in his bed. He shouted at his rival, and despite attempts to shake him awake, it was no use.

Victor called Adam and explained to him that they might have a problem on their hands. Adam arrived quickly, and Victor pointed out that someone had deliberately knocked him out. They assumed that it was Phyllis, and any loyalty she had to Cane was long gone. Victor figured that Billy showed up at the ranch to spew nonsense, while Phyllis took Cane out of the equation.

The Young and the Restless' Victoria Newman | Image: CBS

At the Newman offices, Billy asked Phyllis how much chloroform she used to incapacitate Cane. She claimed to have used the recommended dosage, and when he pressed, Phyllis told him she used "enough."

Phyllis planned to transfer sole ownership of Newman to herself, which she executed quickly. Once she completed that task, she folded Newman Media's assets into Abbott Communications. Despite Phyllis's reservations about giving up Newman Media, she knew she needed to hand it over to Sally to keep Billy on board.

Phyllis pretended like that was Billy's only request, but he gave her a look, and she faked an a-ha moment that she needed to hand over Chancellor. Once the transfer of Chancellor Industries to Billy was complete, he remarked that he expected more. Billy believed he played a pivotal role in helping Phyllis pull this off, so he should be compensated accordingly.

Phyllis considered fighting back for a moment, but Billy reassured her that he enjoyed the same and was just kidding. She enjoyed working with someone like Billy, much better than the constant mind games of Cane.

Victoria barged into the office, unsurprised to find her ex-husband there working alongside Phyllis. She commented that no one believed his attempts to warn the family about Cane's double-cross were genuine. Victoria fully expected to find the two of them there, working together.

Victoria asked where she could find Cane, and Phyllis dropped the bomb that she was the sole owner of Newman Enterprises. She had no intentions of letting her "precious" go. Phyllis asked Victoria to congratulate her for doing what no one else could: taking down Cane.

Victoria invoked Summer again, but Phyllsi remained unfazed. Victoria felt the most betrayed by Billy. He was the father of her children, and she remarked that although he was selfish, this was a new low. Victoria barked that she was ashamed to know Billy.

Victoria understood why Billy despised Victor, and although she didn't excuse her father's actions, she didn't condone what Phyllis was doing either. Billy had enough and told Victoria, "I am freeing our children from being a cog in the Newman machine."

Victoria threatened to expose everything that Billy had done to their children. She was certain that by the end of her revelations to Katie and Johnny, neither would want anything to do with their father. It was the same threat Nick made regarding Summer, which proved accurate and effective. Phyllis reminded Billy that Victoria wouldn't go to the federal government about any of this because Victor started the war.

The Young and the Restless' Jack Abbott | Image: CBS

Nikki dropped by the Abbott Mansion, where she and Jack experienced a shared moment of relief that Dominic was safely returned. They both struggled with the idea of Mariah committing such a horrific act. While it made sense for someone as twisted as Jordan to resort to kidnapping, Mariah was a different story.

Nikki shifted gears and revealed to Jack that Victor staged the kidnapping of Lily and the twins. Jack was appalled that Victor resorted to this, but before he completely flipped out, Nikki promised that Lily was in on it.

Jack knew that Cane could've had the entire world in his hands. Had he never teamed up with Phyllis, he would've had Lily back and regained his family's respect. Nikki shocked Jack even further and told him about Billy's bogus visit to the ranch, which nobody in the Newman family believed.

Nikki's strongest working theory was that Billy was working with Phyllis to push Cane out. Despite everyone else's recent actions, Jack took the moment to remind Nikki that Victor put all of this in motion. He said everyone enables Victor's behavior and overlooks it because "it's just one of those things."

The citizens of Genoa City had been feeding Victor for years. He turned his attention to Nikki, and despite loathing her choice of a husband, Jack wished for her to maintain control of Chancellor. Nikki was clueless about their options. It was unclear with whom the Newmans should bargain because the axis of their enemy trio kept shifting.

Nikki pleaded with Jack to set aside his anger toward Victor, so they could come up with a plan. Jack wished that it was possible, but Victor was the one perpetuating their feud with his endless thirst for power.

Jack explained to Nikki that she was the only hope to stop Victor from further escalating this. It wasn't about anyone else. Nikki needed to get her husband in check, or their lives would never be at peace. Nikki didn't think any of that mattered. Victor gave her the incredible life that he lived, and she didn't want to lose him.

Nikki asked Jack what she would do if Victor continued on this path. He took Nikki into his arms, and in that exact moment, Diane rounded the corner and spotted them. Diane's attitude made it clear that Nikki wasn't welcome by her in their home, so Nikki made a quick exit.

Once Nikki was gone, Diane gave Jack a glare with enough venom to make a king cobra look like a puppy. Diane had no sympathy for Nikki. She championed the man who Victor had become. Nikki allowed him to trample on the lives of everyone, and Diane was finished letting her take advantage of Jack. No more second fiddle to Nikki Newman.

The Young and the Restless' Nate and Victoria leaned on each other | Image: CBS

Victoria spotted Nate at Crimson Lights, and he told her that Dominic had been safely returned. However, he was concerned that he couldn't reach Lily. It was unlike her to drop off the grid, but since heading to Los Angeles to see her daughter, she disappeared completely.

Victoria explained that she planned to tell her children about what Billy had done to their family. She was sure that they'd cut them off, which is what Victoria believed she deserved. Nate asked Victoria if she would actually go through with that, and she confirmed she would. There was no more protecting the kids from their father's actions.

Catch all-new episodes of The Young and the Restless on CBS and Paramount Plus.