In a small saucepan over medium heat, add 1 cup of granulated sugar. Continuously swirl the pan until the sugar turns golden brown, about 8–10 minutes. Pour into the flan mold and allow to cool.

In a large mixing bowl, whisk together 5 large eggs. Add 14 oz sweetened condensed milk, 12 oz evaporated milk, and 1 teaspoon vanilla extract. Mix until smooth. Strain through a fine sieve to remove lumps.

Pour the custard mixture over the hardened caramel in the mold. Cover loosely with aluminum foil. Place the mold in a larger baking pan and fill with hot water halfway up the sides of the flan mold.

Preheat the oven to 350°F (175°C). Bake for 40–45 minutes until the center is just set but slightly jiggly. Use a toothpick to check for doneness.

Carefully remove the flan mold from the water bath and allow to cool on a wire rack for about 30 minutes. Refrigerate for at least 2 hours or overnight.

Run a knife along the edges of the flan to loosen it. Invert onto a serving plate and serve.