We left off the previous season with Homelander killing Stillwell in front of Butcher after she confessed that Vought made Supes with Compound V. In The Boys Season 2 Episode 1, The Seven welcomed a new Supe, Stormfront, and The Boys were hiding out with Butcher missing.
In The Boys Season 2 Episode 3, the news got out about Compound V, and the Boys kept Kenji on a yacht.
For The Boys Season 2 Episode 2, Homelander tried to bond with his son, and Butcher made a deal with Mallory.
He confronted Vought CEO Stan Edgar, who noted how bad it was for Vought that Homelander released Compound V. Meanwhile, the Boys learned that Frenchie’s friends had smuggled a Super Terrorist into New York.