Contains spoilers for this episode and earlier episodes.
Vought's military deal succeeds as the government responds to superpowered terrorists, and Raynor warns Butcher that the Boys are now fugitives. Hughie accompanies him to Grace Mallory while the others are captured. Mallory identifies Stillwell as Homelander's weakness but warns Hughie about Butcher's revenge. When they find the team missing, Hughie insists on a rescue. Butcher chooses Stillwell instead, leaving Hughie to seek Annie's help after admitting how much he has concealed.
Annie has confronted her mother and learned that her powers came from a decision made for her as a baby. Though initially unwilling to help Hughie, she arrives when his escape attempt is overwhelmed by guards. Together they get the prisoners out, but A-Train intercepts them. He suffers a heart attack during the confrontation. Hughie tries to revive the man who killed Robin, and Annie takes over so Hughie can get away.
Homelander admits to Stillwell that he helped create the terrorists who made Vought's military deal possible. Butcher straps her with explosives, expecting to use her against him, but Homelander kills her after discovering her lies about Becca. Butcher detonates the charge and survives because Homelander carries him away. He wakes outside a home where Becca is alive with Homelander's son. The revenge he expected to finish has rested on a belief that is suddenly overturned.