There was a palpable sense of occasion in the Ed Sullivan Theater last night, but it was tinged with a quiet melancholy. Stephen Colbert, the reigning ratings king of late-night, celebrated his tenth anniversary as the host of The Late Show.

The episode was a star-studded affair, with appearances by actor Cillian Murphy, a musical performance by Lady Gaga, and a special drop-in from comedy legend Will Ferrell. On the surface, it was a joyous milestone. But for the host, his crew, and the millions of loyal viewers who have tuned in over the past decade, it was a bittersweet moment—a celebration of a remarkable run that is now officially on its farewell tour.

The anniversary comes less than two months after CBS shocked the television world by announcing that Colbert’s show would be canceled, with its final episode slated for May 2026. That controversial decision has loomed large over the show ever since, transforming what should be a victory lap into a long, poignant goodbye. Last night’s episode was the first major milestone in that farewell, and it perfectly encapsulated the smart, heartfelt, and culturally significant brand of television that has been Colbert’s signature.

In a move that speaks volumes about his style, Colbert opted for a more subdued celebration. While his late-night counterparts Jimmy Kimmel and Jimmy Fallon recently marked their own anniversaries with splashy, self-congratulatory primetime specials, Colbert chose to commemorate his decade in his regular 11:35 p.m. timeslot. It was an intimate affair, a thank you to the dedicated audience that has stuck with him night after night. The choice felt authentic and classy, a celebration of the work rather than the spectacle.

The guest list itself was a testament to the show’s incredible cultural pull. The presence of Cillian Murphy, a celebrated and cerebral actor, represented the A-list intellectual weight the show consistently attracted. The powerful musical performance by Lady Gaga spoke to its reputation as a premier destination for top-tier musical artists. And the “special appearance” by Will Ferrell was a nod to the show’s roots in smart, often wonderfully absurd, comedy. It was a lineup that reflected the very best of Colbert’s tenure: a seamless blend of high-brow conversation, artistic excellence, and brilliant silliness.

Looking back, it’s remarkable to consider the journey. When Stephen Colbert took over the desk from the legendary David Letterman on September 8, 2015, the task seemed almost impossible. He was not just replacing a host; he was inheriting an institution. His first guests, George Clooney and Jeb Bush, signaled his intent to straddle the worlds of Hollywood glamour and political substance. In the decade that followed, he did more than just fill Letterman’s shoes; he completely reinvented the show in his own image.

Through one of the most turbulent political eras in modern American history, Colbert’s Late Show became more than just a talk show; it became essential viewing. He transformed the traditional monologue into a nightly dissection of the political landscape, blending incisive satire with moments of profound moral clarity. He proved that a late-night show could be a place for both goofy sketches and a passionate defense of democratic norms. In doing so, he rose to become network television’s highest-rated late-night host, a leader in a genre he had reshaped.

This context is what made last night’s celebration so poignant. Every laugh felt a little louder, every round of applause a little longer. It was a celebration tinged with the knowledge of what will soon be lost. The controversial circumstances of the show’s cancellation—the official line of “financial headwinds” versus the persistent theories of political appeasement—added an undercurrent of defiance to the evening. The show wasn’t just celebrating a milestone; it was quietly pushing back against the narrative that it was no longer relevant or viable.

As Stephen Colbert embarks on his final season, this anniversary show served as a perfect reminder of his legacy. He is a once-in-a-generation talent who successfully navigated the treacherous waters of succeeding a legend, only to become one himself. Last night was a testament to a decade of television that mattered, a heartfelt and star-studded evening that celebrated a remarkable run and reminded us all of the significant void that will be left when he finally says goodnight for the last time.