Slice into thin, even half-moons, about ⅛- to ¼-inch thick.
Measure the butter and olive oil.
Measure any optional ingredients.
Preparation
Heat a large, heavy-bottomed skillet or Dutch oven over medium heat.
Add the butter and olive oil. Once the butter has melted, add the sliced onions.
Sprinkle with about 1 teaspoon kosher salt and stir until the onions are evenly coated with the fat.
Cook over medium heat for about 10–15 minutes, stirring every few minutes, until the onions soften and release their moisture.
Reduce the heat to medium-low or low and continue cooking for 35–45 minutes, stirring every 5–10 minutes. As moisture evaporates, the onions will gradually become golden, then deep amber brown.
If browned bits begin sticking excessively, add 1–2 tablespoons of water, wine, or stock to deglaze the pan, scraping the flavorful fond back into the onions.
During the final few minutes, stir in balsamic vinegar, sherry vinegar, or fresh thyme if desired.
Taste and adjust with additional salt and pepper.
Allow the onions to cool before storing.
Notes
Properly caramelized onions should be soft, jam-like, deeply browned, and intensely flavorful without tasting burnt.
Yellow onions are the classic choice because they provide the best balance of sweetness and savory flavor after long cooking. Sweet onions produce a milder, sweeter result, while red onions create a deeper color and slightly fruitier flavor.
Resist the temptation to increase the heat. Slow cooking is the key to developing deep caramelization without burning the onions.
A wide pan encourages moisture to evaporate more quickly, producing better browning than a crowded or narrow pan.
Caramelized onions keep refrigerated for up to 5 days and freeze exceptionally well for up to 3 months, making them an excellent make-ahead ingredient for sandwiches, burgers, grilled cheese, pizzas, omelets, and soups.