Full CBS New YR Fridays 1/23/2026 The Young And The Restless Spoilers (January 23, 2026)

Genoa City wakes up on Friday’s episode with the kind of tension that doesn’t need a headline to announce itself. It’s in the pauses between conversations, in the way people stop trusting what they’re being told, and in how quickly old alliances start to look like traps. The fallout from the AI scandal continues to poison every corner of the canvas—but the most dangerous damage isn’t the corporate paperwork. It’s the emotional cracks forming inside relationships that can’t survive one more betrayal.

At the centre of that slow burn is Billy Abbott, who can no longer pretend he doesn’t feel the shift in Sally Spectra. What used to be passionate debate has sharpened into a pattern: clipped answers, guarded looks, deflections whenever Billy tries to talk about the future. Sally has always had fire in her DNA, but this isn’t ambition roaring. This is distress hiding behind resistance, and Billy feels it like a door quietly closing in his face.

He keeps replaying their recent moments together, searching for the exact scene where everything went out of sync. The harder he looks, the more it unsettles him—because the problem isn’t that Sally doesn’t love him. It’s that she suddenly seems afraid of where loving him might take her.

Billy Abbott vs. Sally Spectra: The Offer That Turns Hope into Fear

Billy, for all his charm and chaos, has been trying to build something steadier—especially after the storms he’s survived in recent years. Sally saw the work he did to pull himself out of destructive habits. She witnessed the cost. So when she senses he’s being lured back toward the same dangerous edge, her fear doesn’t come out as softness. It comes out as a fight.

That fight erupts directly into Cain Ashby’s path.

Sally doesn’t approach Cain like a polite businesswoman. She marches toward him like someone defending a man she refuses to watch collapse again. Her voice shakes—not with vulnerability, but with rage that’s been held in too tightly for too long. She demands to know what gives Cain the right to interfere in Billy’s progress, and why he would place temptation in front of someone who has fought so hard not to become a prisoner of his own ambition.

Cain doesn’t flinch. He listens with the calm confidence of a man who believes he sees a truth Sally doesn’t want to admit: Billy isn’t fragile because he’s weak. He’s fragile because he’s human—and because he’s hungry. Cain insists Billy’s growth is real and that Sally herself is part of the reason Billy has been walking this new path. But then he drops the line that lands like a match near gasoline: the Chancellor role isn’t a temptation. It’s destiny.

To Cain, he’s not sabotaging Billy. He’s unlocking him.

To Sally, he’s lighting a fuse.

She fires back with the warning Cain refuses to respect: ambition without stability has nearly destroyed Billy before, and the smallest misstep could drag him backward. Then she brings up the name that turns any Chancellor conversation into an emotional landmine—Jill Abbott. Has Cain considered what happens when Jill finds out Billy is being handed the very power she once fought to pull away from him? Sally makes it clear: this isn’t just business. It’s psychological warfare disguised as opportunity.

When she walks away, she leaves Cain standing in the ruins of her argument—yet Cain remains convinced he’s done nothing wrong. That certainty, more than any threat, is what makes him dangerous.

Phyllis and Cain: An Alliance That’s Starting to Tilt

Across town, another power shift is unfolding—one Phyllis Summers didn’t fully anticipate when she formed her precarious alliance with Cain.

Working alongside him has revealed a different Cain: sharper, calmer, more strategic. His ambition isn’t vague anymore. It’s focused, razor-edged, and strangely composed under pressure. Phyllis recognises that intensity because it mirrors her own—and it both excites and unsettles her.

She entered the partnership assuming she’d be the dominant force, the visionary guiding Cain through a takeover of Victor Newman’s empire. Instead, she finds herself standing next to someone who may be more ruthless than she planned for. Still, the thrill of victory is intoxicating. As long as their goals remain aligned, she tells herself Cain’s edge isn’t a threat.

It’s an asset.

That belief gets tested the moment Chelsea Lawson crosses her path at Crimson Lights.

Chelsea Warns Phyllis… and Phyllis Brags Anyway

Chelsea looks at Phyllis the way someone looks at a friend who’s about to step onto a bridge with loose boards. She sees the triumph in Phyllis’s eyes—electric, hungry, convinced this is the moment she finally rewrites history. But Chelsea also sees what comes next: retaliation. Not loud retaliation. Newman retaliation—silent, surgical, devastating.

Chelsea doesn’t approach with hostility. She approaches with weary knowledge. She warns Phyllis that standing on top of the world is an illusion when the Newmans are involved, and no one escapes unscarred once Victor and his children decide to strike back.

Phyllis responds with gleeful certainty. She brushes off Chelsea’s warning like it’s the anxious rambling of someone who doesn’t have her courage. Then she does the one thing that always signals Phyllis has crossed into dangerous territory: she brags.

She openly declares that she and Cain are set to take over Newman Enterprises and Newman Media, framing it as punishment the Newman dynasty has earned. There’s a near-religious conviction to her words—the kind that makes even victories feel unstable, because they’re being fuelled by ego and old pain rather than clear strategy.

Chelsea’s reaction is what truly cuts. She doesn’t argue. She doesn’t threaten. She simply says she feels sorry for her.

That pity is the first crack in Phyllis’s illusion of invincibility—whether she admits it or not.

Daniel Confronts Phyllis: “Summer Knows.”

The tension spikes when Daniel walks into Crimson Lights and instantly reads the room. He doesn’t need confirmation; the rumours have already reached him. Chelsea’s exit only intensifies the moment, leaving Daniel and Phyllis alone in a silence heavy with unspoken truths.

Daniel asks, cautiously, if it’s true.

Phyllis demands to know why he can’t be happy for her—just once. She frames this as her biggest triumph, her vindication, her proof she can finally topple the shadow of Victor Newman.

Daniel refuses to be pulled into the fantasy. He delivers the detail Phyllis wasn’t prepared to face: Summer knows about her involvement—and she’s devastated.

Instead of sobering Phyllis, it ignites her anger. She feels cornered, misunderstood, unappreciated. Daniel’s concern becomes betrayal in her mind—another loved one refusing to acknowledge her brilliance. He sees a reckless gamble powered by ego. She sees destiny.

The argument escalates until Phyllis storms out of Crimson Lights—not just to escape the heat, but to declare she’s chosen power over approval. She walks away convinced everyone else is too afraid to see what she sees.

But Genoa City has its own rule: victories built on instability don’t last.

Jack and Billy: The Brotherly Warning That Hits Like a History Lesson

While Phyllis burns bridges, the Abbott family faces its own fracture point.

At the Abbott estate, Jack Abbott stands with Billy, reassured that Jabot is safe and that the current attacks have shifted toward Newman territory. Jack’s relief is short-lived. Billy can’t hold the secret any longer. He admits Cain made him an offer—and the air changes the second he says what it is.

Cain offered Billy the role of Chancellor.

Jack doesn’t need to shout. His silence is heavy enough to crush the room. He has seen this movie too many times: Billy chasing power under the illusion of redemption, believing a title will prove he’s changed. Jack warns him that Cain’s offer isn’t opportunity—it’s manipulation dressed in ambition. It’s the kind of temptation that reactivates old obsessions Billy swore he’d outgrown.

Billy pushes back, insisting he hasn’t accepted anything yet. He argues that this could be his chance to protect Chancellor, to prove he can lead without self-destruction, to redefine who he is beyond past mistakes.

Jack hears only the echo of history. The old restless hunger flickering behind Billy’s eyes. The same cycle trying to begin again.

And Jack makes it personal: Nikki is already suffering. Newman is collapsing. If Billy steps into Chancellor now, he risks looking like another opportunist exploiting Nikki’s pain—whether that’s his intention or not.

Billy bristles at the accusation, but Jack’s fear is rooted in love. He isn’t trying to control Billy. He’s trying to keep him alive—emotionally and psychologically.

Sally vs. Billy: When Love Becomes a Warning

Billy takes that weight home, and the tension with Sally finally boils over.

He lays out Cain’s offer with rationalisations that sound smooth—because Billy wants them to be true. He frames it as protection, redemption, proof he’s no longer the man who burns everything he touches. He asks Sally why she can’t want this for him. Why she can’t see it as a victory.

Sally answers with the truth Billy doesn’t want to accept: her resistance isn’t about sabotaging his success. It’s about not trusting Cain. She believes Cain is moving pieces on a board, and Billy is one of them. She’s terrified Billy is confusing “destiny” with “relapse.”

Billy tries to pitch it as something that could fix their growing distance—as if a boardroom win could patch a living-room fracture. Sally sees the simpler, darker equation: if Billy walks back toward the edge, the fall could take both of them down.

Jack and Nikki: A Hug… and a Bombshell

Elsewhere, Jack goes to the Newman Ranch carrying a complicated mixture of vindication and concern. Nikki thanks him for turning Matt Clark in, and for choosing to do the right thing when it mattered. She admits the truth without sugar-coating it: they could lose everything.

In an ironic reversal, Nikki finds comfort in knowing Jabot is safe—as if the world has shifted just enough to prove even giants can bleed.

Jack confesses something rare: part of him feels Victor facing consequences is karmic retribution. But that satisfaction is drowned out by his worry for Nikki, because she’s always the one who gets caught in Victor’s blast radius.

They share a hug that carries decades of history—friendship, old tension, almosts, what-ifs—quietly surviving the wars between their families.

And then Jack tells Nikki what he knows: Cain offered Billy the Chancellor role.

Nikki is stunned—not because the position is coveted, but because Cain dared to bypass her, treating her like a placeholder rather than a cornerstone. She makes it clear she won’t surrender that role easily. Crisis or not, she’s not stepping aside without a fight.

Victor Walks In: The Silence Before the Strike

And then—like the last beat of a cliffhanger—Victor Newman walks in.

His presence shifts the room instantly. The sight of Nikki in Jack’s arms, the solidarity between them during a time when his empire is cracking, could spark one of Victor’s classic eruptions.

But what hangs in the air isn’t immediate rage.

It’s something more dangerous: uncertainty.

Because when Victor pauses—when he goes quiet—the people around him understand the real threat isn’t what he says in that moment.

It’s what he decides to do next.

Friday’s episode leaves Genoa City with multiple fault lines widening at once: Billy standing at the edge of a tempting relapse disguised as destiny, Sally fighting to keep him grounded, Phyllis burning her own family bridge for the thrill of victory, and Victor watching it all with the kind of silence that usually precedes war.

And if there’s one truth Genoa City has learned the hard way, it’s this: the moment you think Victor Newman is defeated… is the moment he becomes most lethal.