Prepare the graham cracker crust. Preheat the oven to 325°F (163°C). Place parchment paper over the base of a 9-inch (23 cm) springform pan and lightly grease the sides.

Combine the graham cracker crumbs, granulated sugar, ground nutmeg, and melted salted butter in a small bowl. Stir thoroughly until all of the crumbs are evenly moistened and the texture resembles damp sand.

Firmly press the crumb mixture across the bottom of the prepared pan and approximately halfway up its sides, creating a compact and even crust.

Bake for 10 minutes, or until the crust is set. Remove the pan from the oven and allow the crust to cool. Once cooled, securely wrap the exterior of the springform pan with aluminum foil so water cannot enter during baking.

Mix the eggnog cheesecake filling. Lower the oven temperature to 300°F (148°C).

Place the softened cream cheese, granulated sugar, and all-purpose flour in a large mixing bowl. Beat on low speed until the mixture is completely smooth and uniform, scraping the sides of the bowl whenever necessary.

Pour in the eggnog and add the ground nutmeg. Continue mixing on low speed only until evenly incorporated.

Add the eggs individually, blending gently on low speed after each addition. Scrape down the bowl between additions and avoid excessive mixing, as incorporating too much air can encourage cracking during baking.

Transfer the completed filling to the cooled graham cracker crust and level the surface with a spatula.

Bake the cheesecake in a water bath. Set the foil-covered springform pan inside a larger roasting pan. Carefully pour warm water into the roasting pan until it reaches approximately halfway up the outside of the springform pan, ensuring the water remains below the upper edge of the foil.

Bake at 300°F (148°C) for 1 hour 30 minutes to 1 hour 40 minutes. The cheesecake is ready when the center appears set but retains a slight wobble.

Switch off the oven and leave the cheesecake inside for 30 minutes with the oven door completely closed.

After the initial resting period, partially open the oven door and allow the cheesecake to remain inside for another 30 minutes. This gradual temperature reduction helps minimize cracking.

Remove the cheesecake from the oven and take it out of the water bath. Refrigerate until thoroughly chilled and firm, approximately 5–6 hours or preferably overnight.

Prepare the eggnog whipped cream. Add the chilled heavy cream, confectioners’ sugar, and eggnog to a large mixing bowl.

Whip the mixture on high speed until stiff peaks develop. Stop once the cream holds its shape to prevent overwhipping. For the best texture, prepare the topping shortly before the cheesecake is served.

Finish and serve. Once the cheesecake has completely chilled and set, carefully release it from the springform pan and place it on a serving platter.

Pipe or spoon the eggnog whipped cream over the top in the desired arrangement.

Lightly dust the surface with ground nutmeg and, if desired, finish with pearl sprinkles. Keep the decorated cheesecake refrigerated until serving.