The Young and the Restless Recap, January 15: Nick declares war on Phyllis for betraying the Newmans

On the January 15, 2026, episode of The Young and the Restless, Cane offered Billy control of Chancellor, Sally questioned her relationship, and Nick threatened to destroy Phllis for targeting the Newman family.

What happened on The Young and the Restless

The Young and the Restless' Sally told Audra her fears about Billy | Image: CBS

Sally woke up and realized that Billy "left for a run," which didn't add up for her. She questioned to herself if Billy actually went for a run like he claimed. Sally wondered if Billy was attempting to escape further conversation about his obsession with revenge on Victor.

Sally thanked Audra for meeting her at Society so late, but she desperately needed someone to talk to. Audra told Sally that she did the unthinkable and backed off of Claire. She explained to Sally that she took her advice, and when she ran into Claire, she chose civility over hostility.

Audra switched subjects and asked Sally what Billy did wrong this time, knowing something was going on. Sally considered the idea that she was paranoid, but more likely than not, she believed Billy was lying to her.

Sally explained that Billy overheard a conversation between Cane and Phyllis that triggered the return of his obsession with Victor. Billy admitted he was jealous to not be involved, and Sally found it difficult to fully believe him when he claimed that he was past that phase.

Audra fantasized about what life would be like if she and Sally had been the ones to take over Newman. Sally understood the appeal, but she worried at how Billy would spiral over it. As Audra pointed out, Billy was the definition of act now, seek forgiveness later. Sally wanted to trust Billy, but he wasn't giving her anything to work with.

The Young and the Restless' Nick confronted Cane and Phyllis | Image: CBS

At the train, Phyllis and Cane celebrated a bit, but the mood instantly dampened when they spotted Nick inside. She was concerned about Nick's apparent leg injury, but Nick didn't want any sympathy. The only thing he wanted from his ex was some sort of justification for her actions against the Newman family.

Cane urged Nick to go after him instead, but Phyllis told Nick that he wasn't in a position to make demands. Nick promised to crush Phyllis before she could fully take over his family's company. Cane received a text from Billy to meet at Crimson Lights, so he left Phyllis with Nick, which made her a bit uneasy.

Nick asked Phyllis if she genuinely had no reservations about the weight of her actions. He shouted in Phyllis' face about her obsession with getting back at Victor, and Phyllis promised to speak to Summer about everything.

Nick wondered how Phyllis would do that. What would she tell her? He brought up her faked death and reminded Phyllis how deeply he hurt Summer. Phyllis believed that Summer would be just fine because of this, but Nick told her there was no coming back from this.

Phyllis asked if Nick was threatening her, and Nick doubled down about "I promise you that fall is coming." Phyllis wasn't concerned, and she touted her victory over the Newman family. She assured Nick that no amount of bravado would change anything that was going on. Phyllis won, and Victor lost.

Nick implored Phyllis to ask herself who knew her better than him. He felt like Phyllis stabbed him in the back, and vowed that she'd lose everything because of her actions. Phyllis asked if he was done speaking because it was her turn to talk.

Phyllis defended her actions. She was tired of doing things on everyone else's terms, Nick included. Phyllis reminded everyone that she used to be a successful businesswoman, but now, everyone slammed the door in her face. She accused Nick of wanting to control her every move, which is why she didn't accept his previous offer.

Phyllis didn't want a pity offer from her daughter's father, nor did she believe he could finance her dreams. At this point, she didn't care who was collateral damage. It was just business. Phyllis had endured endless torment over the last year and by Victor himself in the past, so she felt like this windfall was deserved.

Phyllis thought that Victor was getting a healthy dose of karmic humiliation. This was long overdue. Nick asked if Phyllis viewed his father as the enemy, especially considering they recently went into business together.

Nick reminded Phyllis that the Newman family was her extended family, and there were so many people that would be impacted by her actions. He used the names of all the Newman children to get under her skin, but it didn't phase her. Phyllis was adamant that none of the people mentioned cared about her.

Nick struggled to leave, and Phyllis attempted to help, but he demanded she take her hands off of him. He told her "I'm gonna grind you into dust. You and your little punk partner Cane. And I'll have no regrets. In fact, I think I'll enjoy it."

The Young and the Restless' Cane offers Billy control of Chancellor | Image: CBS

Cane met with Billy at Crimson Lights, surprised that his faux bro couldn't wait to meet in the morning. Billy thought that Cane was cooking up something big, and he asked if Cane wanted to deliver a warning or an offer.

Cane recalled how intensely Billy blasted him and Phyllis earlier that evening at the GCAC. If he felt that way, why would he anticipate an offer of any kind? Billy asked if the rumors about them going after Newman Enterprises was true, and Cane confirmed it. However, it had already happened. It wasn't a dream.

Cane went on to tell Billy that he and Phyllis assumed total control of Newman Enterprises, and Billy was pleased that someone finally took down the great Victor Newman. Cane leaned in close to Billy and inquired about any lingering interest in him running Chancellor, since he was keeping that division.

Since they spoke in hypothetical terms, Billy was willing to have the discussion. he asked if Cane had an angle by offering him control of Chancellor. There wasn't. At least not on the surface. Cane wanted to give Billy a chance to prove himself to Jill.

Billy recognized that Phyllis was a wildcard in the coup against Newman. He knew she likely wouldn't support this arrangement, but Cane felt like he owed this to Billy. This was a once-in-a-lifetime opportunity, and he wanted Billy to accept. However, Billy wanted time to think it over. He was committed to Sally and he didn't want to revert to his obsessive ways.

Cane admired how committed Billy was to Sally, but building a company from the ground up was a massive undertaking. Before they parted ways, Billy wanted details about what was included in the deal. Cane would have control over Chancellor but also Newman Media. However, Phyllis was also a part of the package.

After Cane left, Sally walked out onto the Crimson Lights patio, Billy simply said, "Hey beautiful." She asked how his run was, and asked about his run in with Cane. Sally wondered if the meeting was preplanned or a coincidence, confident it was the former.

Billy confirmed that the meeting was planned ahead of time, and she questioned why he chose to sneak out. Sally was visibly upset with Billy, and she shut down all of his attempts to downplay the meeting with Cane. She wanted full transparency about what went down with him and Cane.

Sally couldn't wait until the morning. She needed immediate answers. Billy came clean and revealed that Cane offered him control of Chancellor, free and clear.

The Young and the Restless' Phyllis vows to burn the Newmans to the ground | Image: CBS

Cane returned to the train, and Phyllis filled him in about her heated confrontation with Nick. She didn't share Nick's belief that Summer would turn her back on her over this. Phyllis was confident that Summer would ultimately understand why she did what she did.

Cane needed Phyllis to be all in on this venture, and if she was on the fence and needed to back out, time was of the essence. He was certain that Nick got to her, and he asked if she was prepared to lose the respect of her children over this takeover.

Phyllis wasn't scared of Nick or any of the other Newmans. Instead, their attitude toward her made her more determined than ever to burn them to the ground.

Nick returned to the Newman ranch, still struggling to get around. The leg injury took a significant toll on his body, whether he wanted to admit it or not. He winced in pain as he reached into his pill bottle, and noticed he needed a refill. It felt like a sign of things to come. This wasn't the Nick that everyone was accustomed to.