Young & Restless Thursday Recap: Cane Makes Phyllis an Offer
Cane Wants Phyllis to Dupe Victor — and Devon and Nate Demand Answers
Thursday, February 26, 2026: Today on The Young and the Restless, Dom has a nightmare, Victoria won’t back down, and Nick plans vigilante justice for Matt.

All products and services featured are independently chosen by editors. However, Soaps.com may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.
Devon arrives at home, where Abby senses something’s wrong. They discuss Lily’s disappearance and Abby’s run-in with Mariah in the park until Dom appears… he’s had a bad dream.
Dom recounts the nightmare, in which he couldn’t get to his parents, just like when he was with Mariah. Abby takes him back to bed, and when she comes back down, Devon worries that the boy’s sense of security has been shaken. They decide to get child psychiatrist recommendations from the mother of the woman who kidnapped him in the morning.

Nate shows up and Abby leaves him and Devon to compare notes on Lily’s disappearance. They’ve both realized Cane dropped out of the plan to take over Newman when she went quiet. Devon says Ashby told him Lily and the twins are being held by someone but wouldn’t tell him who… he thinks he knows why: “Victor.” Nate wonders if Victoria knows and is keeping it from him. Abby reappears and Devon tells her they’re heading out to check out a lead on Lily.

Sleep With One Eye Open
At Crimson Lights, Nick tells Sharon that Victoria wants him to go to Milan to get Summer on their side. He doesn’t want to do that to his daughter. Just then, Noah walks in with Sienna. They sit, and quickly get into it about Matt Clark’s release. Noah shows Nick the texts.
They go over the sketchy reasons why the judge let Clark go, and then Noah gets another text from him warning he could be right around the corner or miles away. “I’d sleep with one eye open if I were you.”

Burrow shows up and explains this is all because his partner, Annie, was corrupt. She’s a less than reliable witness. Nick declares they have to stop this man. This is the last thing any of them need! The rage builds and he starts ranting again. Burrow concedes that taking the law into their own hands might be their only choice.

Dog With a Bone
At the ranch, Victoria’s bummed because she hasn’t heard from Nick. She learns that Victor knows about her plan. He discourages her from going through with it. The bicker and debate heatedly. Victor point blank tells Victoria she’s wrong; Phyllis won’t care about Summer taking sides.

Victoria tells “Daddy” they’re going to have to agree to disagree. Victor insists she leave this up to him… his plan is already in motion and Cane will soon force Phyllis to return the company to them. Victoria won’t budge. Victor warns her Nick won’t go… Matt Clark’s on the loose again.
Cane’s Last Stand
On the Cane train, Ashby tells Phyllis to take a seat. She mocks him. How can he not see that this whole thing is a big bluff from Victor and his family’s not in any danger?! They argue heatedly and at length about it. She finally declares, “Enough is enough, Cane!”

But it’s not enough. They keep fighting. Phyllis insists that Victor would never hurt Neil’s daughter. They’re going in circles and she wants to leave. Cane informs her she’s not going anywhere until he gets what he wants. Déjà vu indeed!
More: Bergman talks conflict with Braeden
Taking it once more from the top, Phyllis announces she won’t give back Newman as Cane pleads with her to hear him out. He tries to sell her on building something better than Newman together. They can gut the company before they give it back even. Phyllis realizes his family is everything and he’s been lying to her all along. “You never stopped loving Lily.”
Cane insists he planned to cut ties until he learned they were in jeopardy. He was lying to himself. The only time he’s ever felt whole was when they were together as a family. Ashby gets choked up; he misses them. There is no amount of power is worth losing love. “Is there Phyllis?”

The Final Scenes
At the ranch, Victor booms that if Matt Clark shows his face there again, he’ll be signing his own death warrant. Victoria decides Victor will be too busy with Matt to deal with Cane and Phyllis, so she’ll go through with her plan.
More: Juicy Malcolm mega-twist!
At Crimson Lights, Nick vows to track Matt Clark down himself as Noah urges his dad to calm down. Sharona and Sienna feel Matt won’t waste any time coming after them. Burrow thinks he might stay away, but Nick declares that he’s a relentless psycho. He’ll be back, it’s only a matter of when.

More: How Nick will get away with killing Matt
On the Cane train, Ashby suggests to Phyllis that they could fool Victor into thinking he’s won… just long enough for him to release his family. “Won’t you at least help me do that?”

More: Intense new love triangle ahead
Back at the ranch, Devon and Nate demand Victor come clean about Lily and her kids. “Where the hell are they?!”

More: Shocking twist alert for Sienna
Next on The Young and the Restless: Lauren receives an offer. For more teasers, see the sneak peek at Friday, February 27.