The Stephen Colbert last show aired on May 21, 2026, concluding an 11-season run on CBS with a star-studded finale that drew millions of viewers and featured Paul McCartney as the final guest. The episode marked the end of a 33-year-old late-night franchise that began with David Letterman in 1993.
When Did the Stephen Colbert Last Show Air?
The final episode of The Late Show with Stephen Colbert aired on Thursday, May 21, 2026, at 11:35 p.m. Eastern on CBS. The network had announced the cancellation nearly a year earlier, in July 2025, stating the show would conclude at the end of the broadcast season. Colbert took over the program in September 2015, succeeding David Letterman, and hosted for 11 seasons.
What Happened on the Stephen Colbert Last Show?
The finale blended emotional farewells with the show’s signature humor, beginning with Colbert’s opening monologue before a series of surprise interruptions. Bryan Cranston walked onto the set during the monologue and asked to be included in the show, only to be told the guest list was full. Paul Rudd arrived with six bananas as a retirement gift, while Tim Meadows lingered nearby hoping for screen time. Ryan Reynolds made a surprise appearance and handed bananas to the band’s keyboard player.
The episode featured a “wormhole” segment that brought together several late-night hosts, including Jon Stewart, John Oliver, Jimmy Fallon, Seth Meyers, and Jimmy Kimmel, along with Neil deGrasse Tyson and Elijah Wood. Tig Notaro, seated in the audience, joked that she only attended “historic events”. Colbert also noted that Pope Leo XIV had cancelled a planned appearance because the hot dogs were unsatisfactory.
The final guest was Paul McCartney, who presented Colbert with a framed color photograph of The Beatles from their 1964 appearance on The Ed Sullivan Show, filmed in the same theater. McCartney recalled the band’s first American performance and discussed creativity, his new album, and his childhood. The evening concluded with Elvis Costello and former bandleader Jon Batiste joining Colbert for a performance of Costello’s “Jump Up”. McCartney then led the group in a rendition of “Hello, Goodbye”, with Colbert and the house band providing backup vocals. As staff and audience members swarmed the stage, Colbert gave McCartney the honor of turning off the building’s power.Quick Bio: Stephen Colbert
How Many People Watched the Finale?
The finale drew significant viewership, with Nielsen data estimating 3.3 million viewers for the initial broadcast. CBS later reported that the episode attracted 6.74 million viewers across live-plus-seven-day ratings, making it the most-watched weeknight episode in the series’ history. That figure surpassed the show’s first-season average of 2.69 million viewers and edged out the series premiere in September 2015, which had 6.55 million viewers. The final week of episodes averaged approximately 3 million viewers and saw a 64 percent spike in the coveted 18-49 demographic.
Why Did The Late Show End?
CBS announced the cancellation on July 17, 2025, stating it was “purely a financial decision against a challenging backdrop in late night”. The network also said the decision was “not related in any way to the show’s performance, content or other matters happening at Paramount”. The show reportedly cost $100 million** annually to produce and lost about **$40 million in revenue, according to reporting from Puck cited by Al Jazeera.
The timing of the announcement drew widespread scrutiny because it came just three days after Colbert criticized Paramount’s $16 million settlement** with President **Donald Trump** over a lawsuit involving **60 Minutes**. The cancellation also coincided with a pending **$8 billion merger between Paramount and Skydance Media, which required approval from the Department of Justice. Colbert called the settlement “a big fat bribe,” and critics argued the cancellation was politically motivated. Trump celebrated the news on Truth Social, writing, “I absolutely love that Colbert got fired”.
Despite the controversy, media analysts noted genuine economic pressures on late-night television. Andrew Rosen, founder of the media strategy firm Parqor, told Al Jazeera that “the business of late night is not going anywhere that justifies the enormous salaries that this talent is paid and the costs that these productions have”.
What Is Stephen Colbert Doing Now?
Colbert is returning to late-night television as a guest on Jimmy Kimmel Live! on September 15, 2026, marking his first late-night appearance since his own show ended. Kimmel announced the news during his September 10 episode, telling the audience that Colbert would be making his “return to late-night television”.
Beyond television, Colbert is co-writing a new Lord of the Rings film with his son, screenwriter Peter McGee, and Philippa Boyens, one of the original trilogy’s screenwriters. The working title is The Lord of the Rings: Shadow of the Past, and it will adapt six early chapters from The Fellowship of the Ring that were not included in Peter Jackson’s original films. Warner Bros. and New Line Cinema announced the project in March 2026. Colbert, a longtime Tolkien enthusiast who had a cameo in The Hobbit: The Desolation of Smaug in 2013, said in a video with Jackson, “I thought, ‘Oh wait, maybe that could be its own story that could fit into the larger story'”. The film will follow The Lord of the Rings: The Hunt for Gollum, directed by Andy Serkis and expected in December 2027.
Colbert has also kept a lower profile since the finale. Less than a week after the show ended, he quietly launched a YouTube channel featuring a video of him appearing on a public access show in Monroe, Michigan. In an interview with PEOPLE ahead of the finale, Colbert said he was looking forward to spending time with family and figuring out his next steps. “We’ll land this plane and we’ll check out the view from there,” he said. “But I’m available. Yes.”1. When did Stephen Colbert’s last show air?
The final episode of The Late Show with Stephen Colbert aired on May 21, 2026, concluding an 11-season run on CBS.
2. Who were the final guests on the Stephen Colbert last show?
Paul McCartney served as the final guest, presenting Colbert with a framed photo from The Beatles’ 1964 Ed Sullivan Show appearance. The episode also featured surprise cameos from Bryan Cranston, Paul Rudd, Ryan Reynolds, Jon Stewart, Jimmy Kimmel, and Jimmy Fallon, among others.
3. Why did CBS cancel The Late Show?
CBS cited “purely financial reasons,” stating the decision was unrelated to the show’s performance or content. The announcement came days after Colbert criticized Paramount’s $16 million settlement with President Trump, drawing speculation about political motives.
4. How many viewers watched the Stephen Colbert last show?
CBS reported 6.74 million viewers for the finale across live-plus-seven-day ratings, making it the most-watched weeknight episode in the show’s 11-year history.
5. What is Stephen Colbert doing now?
Colbert is returning to late-night television as a guest on Jimmy Kimmel Live! on September 15, 2026, his first late-night appearance since the finale. He is also co-writing a Lord of the Rings film titled Shadow of the Past with his son Peter McGee and Philippa Boyens.
