Preheat the oven to 350 degrees F, ensuring a rack is positioned in the center. Add 2 ½ cups of the vegetable stock/broth to a medium saucepan over medium-high heat. Bring to a gentle simmer and remove from the heat.

To a Dutch oven (or a similar large, oven-safe pot with a tight-fitting lid; see Recipe Notes), add the arborio rice, butternut squash, shallot, garlic, and thyme. Pour the warm vegetable stock over top and stir to combine well.

Cover the pot and transfer to the oven. Bake for 40-45 minutes, just until the rice is al dente – mostly tender with a slight bite at the center (no hard, chalky core). Start checking for doneness around the 35-minute mark – in my testing, I’ve consistently found the sweet spot to land right around 42-43 minutes. At 35, the rice will likely still feel a little raw, and after 45, it can lean slightly soft. Don’t worry if there’s still a little loose stock in the pot when you pull it from the oven – the risotto will come together beautifully in the next step as you stir and finish it.

Carefully remove the lid. Add the wine, butter, parmesan, and nutmeg to the pot. Season with 2 teaspoons kosher salt and ground black pepper as desired. Stir vigorously to combine – the butternut squash will break down slightly as you stir, helping the risotto come together with a beautifully glossy, creamy texture. If the risotto feels too thick, stir in a few splashes of the additional vegetable stock to reach your desired consistency. (In testing, I’ve found about ½ cup extra stock at the end is perfect, but the exact amount varies depending on your squash, rice, pot, and oven.) Taste and adjust seasoning as needed.

Portion into individual bowls, topping with additional grated parmesan or finely chopped fresh herbs as desired. This butternut squash risotto is plenty hearty on its own, but if you want a little something extra, try pairing it with my Extra-Juicy Baked Chicken Meatballs, Crispy Parmesan Crusted Chicken Cutlets, or a light and fresh Mixed Green Side Salad. Enjoy!