“It’s a bittersweet feeling,” Chip, 42, says in the latest issue of PEOPLE. “We’ve shed tears — and I mean ugly tears — and then we’ve laughed. All of a sudden the tears dry up and we get a little giddy.”
Since the pilot first aired in May 2013, Fixer Upper has become one of the highest-rated shows in the network’s history and turned the couple into international celebrities.
“It is with both sadness and expectation that we share the news that season 5 of Fixer Upper will be our last,” they wrote Tuesday on their blog. “While we are confident that this is the right choice for us, it has for sure not been an easy one to come to terms with. Our family has grown up alongside yours, and we have felt you rooting us on from the other side of the screen. How bittersweet to say goodbye to the very thing that introduced us all in the first place.”
Their successful run on the series has helped further launch their booming Magnolia business, which includes a real estate company and a retail compound plus paint, wallpaper and furniture lines.
They also have a quarterly magazine, a soon-to-open restaurant and a New York Times bestselling book, with a second, Capital Gaines: Smart Things I Learned Doing Stupid Stuff, due out Oct. 17.
“We want to go out as best as we possibly can,” Chip explains of their decision. “I really feel like we’re rounding the corner and running to the finish line.”
While the couple is looking forward to spending more time with each other and their children — Drake, 12, Ella, 10, Duke, 9, and Emmie Kay, 7 — they’re also excited for what’s to come.
WATCH: Chip & Joanna Gaines’ Most Lovable Outtakes!
“We’re excited about the future,” Chip says. “I hope that every new season and situation of life changes me.”
For more on Chip and Joanna, including an excerpt from Chip’s upcoming book Capital Gaines, pick up the latest issue of PEOPLE on newsstands Friday.