It is a weird time to be a fan of network television. Honestly, if you told someone ten years ago that the undisputed king of late night would be hanging up his suit while still sitting at the top of the mountain, they probably wouldn't believe you. But here we are. As we move through the early months of 2026, the conversation around The Late Show with Stephen Colbert ratings has shifted from a simple "who's winning" to a much more complicated "what's left."
The numbers tell a story of a show that successfully captured a specific era of American culture but is now navigating the choppy waters of a dying medium.
The Numbers Game: How the Ratings Actually Look Right Now
So, let's get into the weeds. According to the latest Nielsen data from the fourth quarter of 2025, Stephen Colbert is still the heavy hitter. He averaged roughly 2.69 million total viewers. That sounds huge, right? Especially when you compare it to Jimmy Fallon over at NBC, who’s pulling in about 1.33 million. Colbert basically has a million-viewer lead on his closest traditional rival.
But numbers are tricky.
While Colbert dominates the "total viewers" category—meaning more humans with a pulse are watching his monologues—the "demo" tells a different story. Advertisers care about the 18–49 age bracket. They're the ones with the disposable income. In that specific slice of the pie, Jimmy Kimmel has actually been nipping at Colbert's heels, and occasionally jumping ahead. For instance, in late 2025, Kimmel averaged 271,000 in the demo while Colbert slipped to 226,000.
It’s a split decision. You’ve got the total volume on one side and the advertiser's "gold" on the other.
A Quick Reality Check on the "Lead"
- Total Viewers (Q4 2025): Colbert (2.69 million) vs. Fallon (1.33 million).
- The Demo (18–49): Kimmel has frequently taken the #1 spot here, growing 12% in the last quarter of 2025 while Colbert saw a 13% decline.
- The Wildcard: Gutfeld! on Fox News often beats everyone in total viewers depending on the week, but because it’s cable, it’s like comparing apples to very political oranges.
The "End of an Era" Factor
The biggest bombshell for The Late Show with Stephen Colbert ratings hasn't been a rival show, but the calendar. On July 17, 2025, CBS pulled the rug out from under everyone by announcing that the Late Show franchise would end entirely in May 2026.
Think about that. They aren't just replacing Stephen; they're retiring the brand that David Letterman built.
Ever since that announcement, we’ve seen a "nostalgia bump." When people know something is going away, they tend to tune back in. In the third quarter of 2025, viewership actually spiked by 14% year-over-year, hitting an average of 2.84 million. It’s the "Going Out of Business" sale effect. People want to see the final chapters of the Trump-era satire that defined Colbert’s run.
Why the Demo is Dropping (and why it matters)
You might wonder why Colbert’s total audience is so big while the younger crowd is fleeing. It’s pretty simple: linear TV is basically a retirement home. The average age of a CBS viewer is... well, let's just say they remember where they were when JFK was in office.
Colbert's brand of humor—intellectual, heavy on political minutiae, and deeply rooted in the daily news cycle—appeals to an older, more engaged demographic. Younger viewers? They’re watching the three-minute monologue clips on YouTube or TikTok the next morning.
The problem is that Nielsen has struggled for years to count those digital views effectively. They’ve introduced "Big Data Plus" measurements, trying to merge traditional panels with streaming data, but the ad dollars haven't caught up to the reality of how we consume media. This disconnect is a huge reason why CBS is opting to give the 11:35 p.m. time slot back to local affiliates instead of hiring a new host.
The Gutfeld! Problem
We can't talk about late night without mentioning Greg Gutfeld. Whether you like his style or not, the guy is a ratings juggernaut. In December 2025, he was pulling 2.67 million viewers at 10 p.m. ET.
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Colbert and Gutfeld are basically two sides of the same coin. They both thrive on tribalism. Colbert is the "safe space" for the liberal-leaning audience, while Gutfeld serves the conservative base. When Colbert’s ratings surge, it’s usually because of a major political event—like a debate or a court ruling. The same goes for Gutfeld. They feed off the chaos.
What This Means for You
If you’re a fan of the show, the next few months are going to be a victory lap. Expect huge guest lists. We’ve already seen names like Paul Rudd, Anderson Cooper, and Hugh Jackman stopping by as the show winds down.
Here is the bottom line: The Late Show with Stephen Colbert ratings prove that there is still a massive audience for high-quality, smart comedy, but the business of late-night television is broken. The costs of producing a nightly show in the Ed Sullivan Theater are astronomical, and when your demo ratings drop 28% year-over-year (as they did in late 2025), the corporate bean counters at Paramount Global start looking for the exit.
Actionable Insights for the Final Months
- Watch the "Live+7" Numbers: If you want to see the true impact, look at the seven-day delayed viewing. Colbert’s audience often grows by 20% or more when you factor in the people who DVR it.
- Expect a "Finale" Surge: Historically, late-night finales break records. Expect the May 2026 numbers to potentially double the current averages.
- Track the Guests: Ratings usually spike on Monday nights (post-weekend news) and when high-profile political figures or A-list actors like Tom Hanks or Meryl Streep appear.
- The Digital Shift: Don't ignore the YouTube channel. While the TV ratings might be "declining" in the demo, Colbert still generates hundreds of millions of views online, which is where the brand will likely live on in some form after May.
The era of the "Late Night King" is ending not because the host lost his edge, but because the castle is falling down. Colbert is still winning the race; he’s just running on a track that’s being demolished behind him.
Make sure to catch the final episodes before May 2026. Once the Late Show brand is retired, the 11:35 p.m. landscape will never look the same again. Check your local listings for the exact air times of the "farewell season" episodes, as CBS is expected to run several retrospectives leading up to the final broadcast.