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Season guide

Billions: Season 5

12 episodes Premiered May 3, 2020 Updated Sep 29, 2026

In the fifth season of Billions, the intense and long-standing rivalry between U.S. Attorney Chuck Rhoades and hedge fund billionaire Bobby Axelrod is reignited. As both men maneuver to outwit one another, they face pressure from emerging adversaries. A significant new threat to Bobby Axelrod’s market dominance arrives in the form of Mike Prince, a pioneer focused on social impact. Simultaneously, Chuck Rhoades finds

Previously on Billions

Season 5 Lore Primer

Key plot threads, lore context, and character stakes you need to remember before diving into this season.

  • ⚡ U.S. Attorney Chuck Rhoades and hedge fund king Bobby Axelrod are engaged in an explosive and ongoing collision course.
  • ⚡ Both Chuck Rhoades and Bobby Axelrod utilize their significant power, influence, and intelligence to outmaneuver one another.
  • ⚡ The series is set within a high-stakes environment where the financial and personal consequences are measured in the billions.
  • ⚡ The narrative centers on the complex and shifting power dynamics between the legal system and the world of high-finance hedge funds.
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Season overview

In the fifth season of Billions, the intense and long-standing rivalry between U.S. Attorney Chuck Rhoades and hedge fund billionaire Bobby Axelrod is reignited. As both men maneuver to outwit one another, they face pressure from emerging adversaries. A significant new threat to Bobby Axelrod’s market dominance arrives in the form of Mike Prince, a pioneer focused on social impact. Simultaneously, Chuck Rhoades finds himself embroiled in a conflict with a formidable district attorney. Within the walls of Axe Capital, Taylor Mason is compelled to return, tasked with the difficult responsibility of safeguarding both the firm's assets and its employees. Meanwhile, Wendy Rhoades undergoes a period of personal and professional reflection, leading her to reevaluate her existing loyalties. She forms unexpected new alliances that place her in direct opposition to both her husband, Chuck, and Bobby Axelrod, further complicating the power dynamics between the central figures. The season continues to explore the high-stakes environment of power, influence, and ambition that defines the series, as each character employs their considerable resources to maintain their standing and protect their interests against those who seek to dismantle their positions.

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Season 5 Episodes

Episode Guide

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Season 5 Progress Shield

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Binge Efficiency Engine

Season 5: Filler vs. Essential Canon

Filter episodes by narrative weight. Focus on essential mytharc and skip standalone side quests.

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Mytharc (3): Crucial lore & season climaxes
Core (9): Character development & subplots
Side Quest (0): Standalone / filler
S5·E1 Mytharc

The New Decas

May 3, 2020 · 60 min

Bobby Axelrod reaches a major milestone. Chuck struggles to get his bearings, and he and Wendy navigate a new normal. Tensions are high at Axe Cap now that Taylor Mason is back. Ax

S5·E2 Core

The Chris Rock Test

May 10, 2020 · 60 min

Axe chases a play at Mike Prince's conference. Chuck wrestles with his demons and chooses a new path. Wendy takes the lead as Axe Cap faces a threat. Taylor confronts a figure from

S5·E3 Core

Beg, Bribe, Bully

May 17, 2020 · 59 min

Chuck returns to his alma mater to pursue an opportunity. Axe's big venture is sidelined by a family crisis. Taylor asserts independence with a risky play. Chuck puts Wendy in an a

S5·E4 Core

Opportunity Zone

May 24, 2020 · 60 min

Axe's latest move takes him back to his roots but puts him in Mike Prince's line of fire. Chuck steps into a new role and meets an intriguing colleague. Taylor tries to salvage a m

S5·E5 Core

Contract

May 31, 2020 · 60 min

Axe must reckon with his past to secure his future. Chuck plots against Axe with the help of some old associates. Chuck and Wendy both try to move on, but get forced together by an

S5·E6 Core

The Nordic Model

Jun 7, 2020 · 59 min

Axe's plans are threatened when an old scheme resurfaces. Chuck wages war on a new front, but a dangerous gambit tests his budding relationship. Taylor looks to make an impact in a

S5·E7 Core

The Limitless Sh*t

Jun 14, 2020 · 55 min

Axe makes big plays with an unconventional source of inspiration. Chuck goes to desperate lengths for family. Tensions rise in Wendy's relationships. Chuck and Sacker manipulate a

S5·E8 Core

Copenhagen

Sep 5, 2021 · 60 min

Axe dispatches Wags to dig up dirt on Prince, discovering a weakness that could wreck Prince's ambitions. A visit to Axe Cap puts Wendy and Tanner at odds. Chuck looks for alternat

S5·E9 Core

Implosion

Sep 12, 2021 · 55 min

As Prince spirals in the wake of a scandal, Axe looks to take his attack to the next level, putting Taylor's business in the crossfire. Chuck reckons with his failures and his fath

S5·E10 Core

Liberty

Sep 19, 2021 · 53 min

As Axe Cap returns to the office, Axe makes a surprise announcement, leaving the team's futures in flux. Wendy's divorce becomes complicated when Chuck sticks his nose in the Mase

S5·E11 Mytharc

Victory Smoke

Sep 26, 2021 · 60 min

With victory in sight for his bank, Axe plots to secure his deposits by poaching from Prince, a move that proves more complicated than it seems. Chuck, Prince and Sacker wrestle wi

S5·E12 Mytharc

No Direction Home

Oct 3, 2021 · 60 min

Chuck, Axe and Prince maneuver to outsmart and outpower each other. Taylor finds themself at a crossroads regarding their role as a leader, while Wendy struggles to sort out her pe

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