Colbert shared the news with his studio audience ahead of the show Thursday, telling them CBS canceled the show. Read what he said.

CBS will end "The Late Show with Stephen Colbert" and retire "The Late Show" franchise in May 2026, the company announced Thursday, calling it "purely a financial decision against a challenging backdrop in late night.

"We consider Stephen Colbert irreplaceable and will retire ‘THE LATE SHOW’ franchise at that time," CBS executives said in a joint statement. "We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.