Heat olive oil in a large pot over medium heat. Add Italian sausage and cook until browned, breaking it up into small pieces, about 5-7 minutes.
Add diced onion, minced garlic, sliced carrots, and cubed butternut squash to the pot. Sauté for about 5 minutes until softened.
Pour in chicken broth and add dried thyme. Bring to a boil, then reduce heat and simmer for 15 minutes.
Add cheese tortellini and cook according to package instructions, about 5-7 minutes.
Stir in baby spinach just before serving and cook until wilted, about 1-2 minutes.
Season with salt and pepper to taste, and serve with grated Parmesan cheese on top.