Contains spoilers for this episode and earlier episodes.
Hughie and the others hide in a basement while Vought celebrates Translucent with a false account of his death. Butcher is missing and has been blamed for killing Stillwell, leaving Mother's Milk to manage a group that cannot safely appear in public. Hughie secretly meets Annie on the subway and asks her to obtain Compound V, hoping proof of how powers are created can still be used against the company.
Annie approaches Gecko, an old acquaintance now working at Vought's laboratory. After discovering that he sells access to his regenerative body, she threatens to expose him unless he steals a sample. Homelander tries to impose his authority over the Seven, rejecting Ashley's proposed recruit Blindspot. His control is challenged when Stormfront announces that she has already been appointed. Stan Edgar refuses to be intimidated and reminds him that Vought's business extends beyond its celebrity heroes.
Frenchie learns that his associates have smuggled a superpowered person into the country. The Boys take their evidence to Susan Raynor, who suspects a threat originating inside Vought. Her head suddenly explodes before she can finish explaining, and the group flees without knowing who killed her. Hughie wants to move cautiously after losing their government contact, but Frenchie calls Butcher back. Butcher's return restores a leader while immediately reopening the tension over who gets to decide their next move.