Contains spoilers for this episode and earlier episodes.
Homelander presents the Seven with Hughie's photograph and identifies him as the man behind Translucent's death. Annie is stunned, and Maeve intervenes when Homelander suspects her of helping him. Hughie is already considering leaving the Boys when A-Train calls from his father's home. Mesmer's betrayal has exposed the entire group, forcing Mother's Milk to move his family and Hughie to confront the speedster before his father is hurt.
Hughie offers Compound V as a distraction, and Kimiko injures A-Train so they can escape. Butcher tracks down and kills Mesmer, then reluctantly agrees to Raynor's deal so the families can receive protection. Raynor confronts Stillwell with the evidence against Vought, but news of a superpowered terrorist attack interrupts the effort. The threat gives Vought a new argument for military superheroes just as the Boys expect the company to face consequences.
Homelander questions the scientist Jonah Vogelbaum about Becca and is told that she and his child died during childbirth. Meanwhile, Annie confronts Hughie over the lies surrounding their relationship. He admits killing Translucent and explains that Compound V creates powers, including hers. Before he can finish persuading her, Butcher shoots Annie and takes Hughie away. She survives, but Hughie's attempt to tell the truth ends with another act of violence against someone he loves.