In his first show since word of its surprise cancellation came out last week, Colbert adopted a feisty tone, with both Paramount and Trump in his sights.

“The gloves are off!” Colbert said in his monologue. “I can finally speak unvarnished truth to power and say what I really think about Donald Trump. Starting now.” Then, looking right at the camera, he said after a pause: “I don’t care for him.”

It wasn’t long, though, before he added some muscle to the jabs. Referring to Trump’s Truth Social post celebrating his cancellation, which read (in part) “I absolutely love that Colbert got fired. His talent was even less than his ratings.”

In mock outrage, Colbert replied “How dare you, sir? Would an untalented man be able to compose the following satirical witticism?” Colbert then turned and appeared in an on-screen frame that said “Eloquence Cam” and said succinctly “Go f*** yourself.”

As for Paramount, Colbert thanked CBS for its support, but questioned the network’s claim that the cancellation was “purely a financial decision,” saying “How could it purely be a financial decision if ‘The Late Show’ is No. 1 in ratings? It’s confusing. A lot of folks are asking that question, mainly my staff’s parents and spouses.”

He also addressed a leak to the New York Post that the show was losing between $40 million and $50 million per year, saying “$40 million’s a big number. I could see us losing $24 million, but where would Paramount have possibly spent the other $16 million? … Oh yeah …”

($16 million is the amount Paramount paid to settle Trump’s claim of an unfairly edited clip form 60 Minutes last year. Colbert has called that settlement “a big fat bribe.”)

The final episode of The Late Show will air in May 2026.