The late-night landscape just got a jolt of pure drama, and Stephen Colbert is standing right in the eye of the storm.
In a stunning twist, The Late Show with Stephen Colbert has just delivered its best monthly ratings in over four years — and it happened only weeks after CBS announced it was killing the show.

According to newly released Nielsen Live+7 ratings for July 2025, Colbert pulled in 2.999 million total viewers across just 11 first-run episodes, a staggering 29% jump from June. The last time Colbert saw numbers this high? February 2021, when political chaos was still dominating the news cycle.

And the timing couldn’t be juicier. On July 17, CBS blindsided the late-night world by confirming The Late Show will end after the 2025–26 season, claiming the move was “purely financial” and “not related to performance.” But the numbers now tell a different story — Colbert isn’t fading away quietly. He’s surging.

A Tale of Two Jimmys — And One Sharp Fall

While Colbert was riding a ratings rocket, ABC’s Jimmy Kimmel Live! was plummeting. The show, which enjoyed an NBA Finals boost in June, collapsed by 30% in total viewers to just 1.236 million. In the coveted 18–49 demographic, Kimmel’s drop was even more brutal — down 47%, marking the show’s worst demo delivery in nearly a year.

The reason? Kimmel was on vacation, and the guest hosts couldn’t keep the audience hooked.

NBC’s Tonight Show Starring Jimmy Fallon fared slightly better — which is to say, it stayed flat at 1.135 million viewers. Fallon did notch a 9% gain in the demo, but still trailed Colbert badly.

Colbert Dominates the Demo Too

For advertisers, the 18–49 demographic is the gold standard, and Colbert cleaned up here as well. His show jumped 44% in the demo to 279,000 viewers, leaving Fallon (163,000) and Kimmel (151,000) in the dust.

Even The Daily Show on Comedy Central, which had been enjoying renewed buzz under rotating guest hosts, slipped slightly — down 1% in total viewers and 3% in the demo.

The Irony CBS Can’t Ignore

The irony is almost cinematic: CBS claims the cancellation has nothing to do with Colbert’s performance — yet his performance is suddenly the strongest it’s been in years. Insiders whisper that the network is “internally rattled” by the surge, with some questioning whether the decision to axe The Late Show will age poorly.

The show’s July numbers also arrived amid Colbert’s ongoing verbal war with former President Donald Trump. Trump gloated over the cancellation on Truth Social, calling Colbert’s talent “less than his ratings.” Colbert’s rebuttal? A blunt, “Go f— yourself.”

Fox News Still Rules the 10 PM Hour

At 10 PM, Fox News’ Gutfeld! remains the king of late-night-adjacent programming, pulling 3.212 million total viewers, even after a 4% dip. Still, its demo delivery (231,000) was down 11%, giving Colbert a rare edge in the younger audience bracket.

Bravo’s Watch What Happens Live also quietly improved, up 8% in total viewers and 3% in the demo — proof that Andy Cohen’s boozy chaos still has loyal followers.

The Road to May 2026 — And a Ratings War Brewing

With The Late Show set to end in May 2026, Colbert now has nearly two years to decide how he’ll play his endgame. Industry analysts predict the CBS host will weaponize the cancellation as a rallying cry, turning each episode into must-watch TV for fans eager to see him go out swinging.

Rival networks are watching closely. If Colbert’s surge continues, the final chapter of The Late Show could become one of the most-watched and most politically charged late-night runs in television history.

For now, one thing is clear: Stephen Colbert is not fading into obscurity. He’s spiking the ratings chart — and making CBS’ “purely financial” excuse look more questionable by the day.