diff --git a/crates/red_knot/tests/cli.rs b/crates/red_knot/tests/cli.rs
index 09ce6ab6bc..7369654de9 100644
--- a/crates/red_knot/tests/cli.rs
+++ b/crates/red_knot/tests/cli.rs
@@ -86,7 +86,7 @@ fn cli_arguments_are_relative_to_the_current_directory() -> anyhow::Result<()> {
             "libs/utils.py",
             r#"
             def add(a: int, b: int) -> int:
-                a + b
+                return a + b
             "#,
         ),
         (
@@ -158,7 +158,7 @@ fn paths_in_configuration_files_are_relative_to_the_project_root() -> anyhow::Re
             "libs/utils.py",
             r#"
             def add(a: int, b: int) -> int:
-                a + b
+                return a + b
             "#,
         ),
         (
diff --git a/crates/red_knot_python_semantic/resources/mdtest/annotations/deferred.md b/crates/red_knot_python_semantic/resources/mdtest/annotations/deferred.md
index c12edcec1a..230a67f426 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/annotations/deferred.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/annotations/deferred.md
@@ -38,7 +38,8 @@ If `__future__.annotations` is imported, annotations *are* deferred.
 ```py
 from __future__ import annotations
 
-def get_foo() -> Foo: ...
+def get_foo() -> Foo:
+    return Foo()
 
 class Foo: ...
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/attributes.md b/crates/red_knot_python_semantic/resources/mdtest/attributes.md
index 3755f93d21..bb263d3a27 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/attributes.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/attributes.md
@@ -348,8 +348,11 @@ reveal_type(C().y)  # revealed: Unknown | str
 
 ```py
 class ContextManager:
-    def __enter__(self) -> int | None: ...
-    def __exit__(self, exc_type, exc_value, traceback) -> None: ...
+    def __enter__(self) -> int | None:
+        return 1
+
+    def __exit__(self, exc_type, exc_value, traceback) -> None:
+        pass
 
 class C:
     def __init__(self) -> None:
@@ -365,8 +368,11 @@ reveal_type(c_instance.x)  # revealed: Unknown | int | None
 
 ```py
 class ContextManager:
-    def __enter__(self) -> tuple[int | None, int]: ...
-    def __exit__(self, exc_type, exc_value, traceback) -> None: ...
+    def __enter__(self) -> tuple[int | None, int]:
+        return 1, 2
+
+    def __exit__(self, exc_type, exc_value, traceback) -> None:
+        pass
 
 class C:
     def __init__(self) -> None:
diff --git a/crates/red_knot_python_semantic/resources/mdtest/binary/instances.md b/crates/red_knot_python_semantic/resources/mdtest/binary/instances.md
index 596f35114b..5c701b22a6 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/binary/instances.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/binary/instances.md
@@ -406,10 +406,12 @@ A left-hand dunder method doesn't apply for the right-hand operand, or vice vers
 
 ```py
 class A:
-    def __add__(self, other) -> int: ...
+    def __add__(self, other) -> int:
+        return 1
 
 class B:
-    def __radd__(self, other) -> int: ...
+    def __radd__(self, other) -> int:
+        return 1
 
 class C: ...
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/boundness_declaredness/public.md b/crates/red_knot_python_semantic/resources/mdtest/boundness_declaredness/public.md
index d9d42f7d0a..3c41c72e44 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/boundness_declaredness/public.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/boundness_declaredness/public.md
@@ -69,7 +69,8 @@ without raising an error.
 from typing import Any
 
 def any() -> Any: ...
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 a: int
 b: str
@@ -126,7 +127,8 @@ inferred types:
 from typing import Any
 
 def any() -> Any: ...
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 a = 1
 b = 2
@@ -164,7 +166,8 @@ error for both `a` and `b`:
 ```py
 from typing import Any
 
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 if flag():
     a: Any = 1
@@ -194,7 +197,8 @@ seems inconsistent when compared to the case just above.
 `mod.py`:
 
 ```py
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 if flag():
     a: int
@@ -248,7 +252,8 @@ inconsistent when compared to the "possibly-undeclared-and-possibly-unbound" cas
 `mod.py`:
 
 ```py
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 if flag:
     a = 1
diff --git a/crates/red_knot_python_semantic/resources/mdtest/call/callable_instance.md b/crates/red_knot_python_semantic/resources/mdtest/call/callable_instance.md
index 4e5f96fb1b..5b6bb36879 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/call/callable_instance.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/call/callable_instance.md
@@ -25,7 +25,8 @@ reveal_type(b)  # revealed: Unknown
 def _(flag: bool):
     class PossiblyNotCallable:
         if flag:
-            def __call__(self) -> int: ...
+            def __call__(self) -> int:
+                return 1
 
     a = PossiblyNotCallable()
     result = a()  # error: "Object of type `PossiblyNotCallable` is not callable (possibly unbound `__call__` method)"
@@ -38,7 +39,8 @@ def _(flag: bool):
 def _(flag: bool):
     if flag:
         class PossiblyUnbound:
-            def __call__(self) -> int: ...
+            def __call__(self) -> int:
+                return 1
 
     # error: [possibly-unresolved-reference]
     a = PossiblyUnbound()
@@ -64,7 +66,8 @@ def _(flag: bool):
         if flag:
             __call__ = 1
         else:
-            def __call__(self) -> int: ...
+            def __call__(self) -> int:
+                return 1
 
     a = NonCallable()
     # error: [call-non-callable] "Object of type `Literal[1]` is not callable"
diff --git a/crates/red_knot_python_semantic/resources/mdtest/call/dunder.md b/crates/red_knot_python_semantic/resources/mdtest/call/dunder.md
index b4288752cc..7f8cb0d564 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/call/dunder.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/call/dunder.md
@@ -185,7 +185,7 @@ def _(flag: bool):
                 return str(key)
         else:
             def __getitem__(self, key: int) -> bytes:
-                return key
+                return bytes()
 
     c = C()
     reveal_type(c[0])  # revealed: str | bytes
@@ -198,7 +198,7 @@ def _(flag: bool):
     else:
         class D:
             def __getitem__(self, key: int) -> bytes:
-                return key
+                return bytes()
 
     d = D()
     reveal_type(d[0])  # revealed: str | bytes
diff --git a/crates/red_knot_python_semantic/resources/mdtest/call/function.md b/crates/red_knot_python_semantic/resources/mdtest/call/function.md
index e0cd44e5d2..d31a7f58aa 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/call/function.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/call/function.md
@@ -37,6 +37,8 @@ def foo() -> int:
     return 42
 
 def decorator(func) -> Callable[[], int]:
+    # TODO: no error
+    # error: [invalid-return-type]
     return foo
 
 @decorator
diff --git a/crates/red_knot_python_semantic/resources/mdtest/call/union.md b/crates/red_knot_python_semantic/resources/mdtest/call/union.md
index d2ae8875a8..31240b0c1d 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/call/union.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/call/union.md
@@ -82,8 +82,12 @@ def _(flag: bool):
 Calling a union where the arguments don't match the signature of all variants.
 
 ```py
-def f1(a: int) -> int: ...
-def f2(a: str) -> str: ...
+def f1(a: int) -> int:
+    return a
+
+def f2(a: str) -> str:
+    return a
+
 def _(flag: bool):
     if flag:
         f = f1
diff --git a/crates/red_knot_python_semantic/resources/mdtest/comparison/instances/rich_comparison.md b/crates/red_knot_python_semantic/resources/mdtest/comparison/instances/rich_comparison.md
index 8cac539fac..a0c6680c61 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/comparison/instances/rich_comparison.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/comparison/instances/rich_comparison.md
@@ -154,7 +154,7 @@ reveal_type(B() >= A())  # revealed: LeReturnType
 
 class C:
     def __gt__(self, other: C) -> EqReturnType:
-        return 42
+        return EqReturnType()
 
     def __ge__(self, other: C) -> NeReturnType:
         return NeReturnType()
diff --git a/crates/red_knot_python_semantic/resources/mdtest/comparison/intersections.md b/crates/red_knot_python_semantic/resources/mdtest/comparison/intersections.md
index 20c8c914ac..6bc04f7b6f 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/comparison/intersections.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/comparison/intersections.md
@@ -110,7 +110,8 @@ given operator:
 
 ```py
 class Container:
-    def __contains__(self, x) -> bool: ...
+    def __contains__(self, x) -> bool:
+        return False
 
 class NonContainer: ...
 
@@ -130,7 +131,8 @@ unsupported for the given operator:
 
 ```py
 class Container:
-    def __contains__(self, x) -> bool: ...
+    def __contains__(self, x) -> bool:
+        return False
 
 class NonContainer: ...
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/comparison/non_bool_returns.md b/crates/red_knot_python_semantic/resources/mdtest/comparison/non_bool_returns.md
index 0702c2de54..6cf77e5f1e 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/comparison/non_bool_returns.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/comparison/non_bool_returns.md
@@ -22,14 +22,19 @@ Walking through examples:
 from __future__ import annotations
 
 class A:
-    def __lt__(self, other) -> A: ...
-    def __gt__(self, other) -> bool: ...
+    def __lt__(self, other) -> A:
+        return self
+
+    def __gt__(self, other) -> bool:
+        return False
 
 class B:
-    def __lt__(self, other) -> B: ...
+    def __lt__(self, other) -> B:
+        return self
 
 class C:
-    def __lt__(self, other) -> C: ...
+    def __lt__(self, other) -> C:
+        return self
 
 x = A() < B() < C()
 reveal_type(x)  # revealed: A & ~AlwaysTruthy | B
diff --git a/crates/red_knot_python_semantic/resources/mdtest/comparison/tuples.md b/crates/red_knot_python_semantic/resources/mdtest/comparison/tuples.md
index ff3f684a5d..557791790d 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/comparison/tuples.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/comparison/tuples.md
@@ -197,7 +197,7 @@ class LtReturnTypeOnB: ...
 
 class B:
     def __lt__(self, o: B) -> LtReturnTypeOnB:
-        return set()
+        return LtReturnTypeOnB()
 
 reveal_type((A(), B()) < (A(), B()))  # revealed: LtReturnType | LtReturnTypeOnB | Literal[False]
 ```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/comprehensions/basic.md b/crates/red_knot_python_semantic/resources/mdtest/comprehensions/basic.md
index 5236b27cce..8047fc078d 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/comprehensions/basic.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/comprehensions/basic.md
@@ -104,7 +104,8 @@ class Iterator:
         return 42
 
 class Iterable:
-    def __iter__(self) -> Iterator: ...
+    def __iter__(self) -> Iterator:
+        return Iterator()
 
 # This is fine:
 x = [*Iterable()]
diff --git a/crates/red_knot_python_semantic/resources/mdtest/expression/len.md b/crates/red_knot_python_semantic/resources/mdtest/expression/len.md
index 19d965c99b..f3c1938efc 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/expression/len.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/expression/len.md
@@ -99,22 +99,28 @@ The returned value of `__len__` is implicitly and recursively converted to `int`
 from typing import Literal
 
 class Zero:
-    def __len__(self) -> Literal[0]: ...
+    def __len__(self) -> Literal[0]:
+        return 0
 
 class ZeroOrOne:
-    def __len__(self) -> Literal[0, 1]: ...
+    def __len__(self) -> Literal[0, 1]:
+        return 0
 
 class ZeroOrTrue:
-    def __len__(self) -> Literal[0, True]: ...
+    def __len__(self) -> Literal[0, True]:
+        return 0
 
 class OneOrFalse:
-    def __len__(self) -> Literal[1] | Literal[False]: ...
+    def __len__(self) -> Literal[1] | Literal[False]:
+        return 1
 
 class OneOrFoo:
-    def __len__(self) -> Literal[1, "foo"]: ...
+    def __len__(self) -> Literal[1, "foo"]:
+        return 1
 
 class ZeroOrStr:
-    def __len__(self) -> Literal[0] | str: ...
+    def __len__(self) -> Literal[0] | str:
+        return 0
 
 reveal_type(len(Zero()))  # revealed: Literal[0]
 reveal_type(len(ZeroOrOne()))  # revealed: Literal[0, 1]
@@ -134,10 +140,12 @@ reveal_type(len(ZeroOrStr()))  # revealed: int
 from typing import Literal
 
 class LiteralTrue:
-    def __len__(self) -> Literal[True]: ...
+    def __len__(self) -> Literal[True]:
+        return True
 
 class LiteralFalse:
-    def __len__(self) -> Literal[False]: ...
+    def __len__(self) -> Literal[False]:
+        return False
 
 reveal_type(len(LiteralTrue()))  # revealed: Literal[1]
 reveal_type(len(LiteralFalse()))  # revealed: Literal[0]
@@ -157,19 +165,24 @@ class SomeEnum(Enum):
     INT_2 = 3_2
 
 class Auto:
-    def __len__(self) -> Literal[SomeEnum.AUTO]: ...
+    def __len__(self) -> Literal[SomeEnum.AUTO]:
+        return SomeEnum.AUTO
 
 class Int:
-    def __len__(self) -> Literal[SomeEnum.INT]: ...
+    def __len__(self) -> Literal[SomeEnum.INT]:
+        return SomeEnum.INT
 
 class Str:
-    def __len__(self) -> Literal[SomeEnum.STR]: ...
+    def __len__(self) -> Literal[SomeEnum.STR]:
+        return SomeEnum.STR
 
 class Tuple:
-    def __len__(self) -> Literal[SomeEnum.TUPLE]: ...
+    def __len__(self) -> Literal[SomeEnum.TUPLE]:
+        return SomeEnum.TUPLE
 
 class IntUnion:
-    def __len__(self) -> Literal[SomeEnum.INT, SomeEnum.INT_2]: ...
+    def __len__(self) -> Literal[SomeEnum.INT, SomeEnum.INT_2]:
+        return SomeEnum.INT
 
 reveal_type(len(Auto()))  # revealed: int
 reveal_type(len(Int()))  # revealed: int
@@ -184,7 +197,8 @@ reveal_type(len(IntUnion()))  # revealed: int
 from typing import Literal
 
 class Negative:
-    def __len__(self) -> Literal[-1]: ...
+    def __len__(self) -> Literal[-1]:
+        return -1
 
 # TODO: Emit a diagnostic
 reveal_type(len(Negative()))  # revealed: int
@@ -196,10 +210,12 @@ reveal_type(len(Negative()))  # revealed: int
 from typing import Literal
 
 class SecondOptionalArgument:
-    def __len__(self, v: int = 0) -> Literal[0]: ...
+    def __len__(self, v: int = 0) -> Literal[0]:
+        return 0
 
 class SecondRequiredArgument:
-    def __len__(self, v: int) -> Literal[1]: ...
+    def __len__(self, v: int) -> Literal[1]:
+        return 1
 
 # TODO: Emit a diagnostic
 reveal_type(len(SecondOptionalArgument()))  # revealed: Literal[0]
diff --git a/crates/red_knot_python_semantic/resources/mdtest/function/return_type.md b/crates/red_knot_python_semantic/resources/mdtest/function/return_type.md
new file mode 100644
index 0000000000..c8d6f7dffc
--- /dev/null
+++ b/crates/red_knot_python_semantic/resources/mdtest/function/return_type.md
@@ -0,0 +1,246 @@
+# Function return type
+
+When a function's return type is annotated, all return statements are checked to ensure that the
+type of the returned value is assignable to the annotated return type. A `raise` is equivalent to a
+return of `Never`, which is assignable to any annotated return type.
+
+## Basic examples
+
+A return value assignable to the annotated return type is valid.
+
+```py
+def f() -> int:
+    return 1
+```
+
+The type of the value obtained by calling a function is the annotated return type, not the inferred
+return type.
+
+```py
+reveal_type(f())  # revealed: int
+```
+
+A `raise` is equivalent to a return of `Never`, which is assignable to any annotated return type.
+
+```py
+def f() -> str:
+    raise ValueError()
+
+reveal_type(f())  # revealed: str
+```
+
+## Stub functions
+
+"Stub" function definitions (that is, function definitions with an empty body) are permissible in
+stub files, or in a few other locations: Protocol method definitions, abstract methods, and
+overloads. In this case the function body is considered to be omitted (thus no return type checking
+is performed on it), not assumed to implicitly return `None`.
+
+A stub function's "empty" body may contain only an optional docstring, followed (optionally) by an
+ellipsis (`...`) or `pass`.
+
+### In stub file
+
+```pyi
+def f() -> int: ...
+
+def f() -> int:
+    pass
+
+def f() -> int:
+    """Some docstring"""
+
+def f() -> int:
+    """Some docstring"""
+    ...
+```
+
+### In Protocol
+
+```py
+from typing import Protocol
+
+class Bar(Protocol):
+    # TODO: no error
+    # error: [invalid-return-type]
+    def f(self) -> int: ...
+```
+
+### In abstract method
+
+```py
+from abc import ABC, abstractmethod
+
+class Foo(ABC):
+    @abstractmethod
+    # TODO: no error
+    # error: [invalid-return-type]
+    def f(self) -> int: ...
+    @abstractmethod
+    # error: [invalid-return-type]
+    def g[T](self, x: T) -> T: ...
+```
+
+### In overload
+
+```py
+from typing import overload
+
+@overload
+def f(x: int) -> int: ...
+@overload
+def f(x: str) -> str: ...
+def f(x: int | str):
+    return x
+```
+
+## Conditional return type
+
+```py
+def f(cond: bool) -> int:
+    if cond:
+        return 1
+    else:
+        return 2
+
+def f(cond: bool) -> int | None:
+    if cond:
+        return 1
+    else:
+        return
+
+def f(cond: bool) -> int:
+    if cond:
+        return 1
+    else:
+        raise ValueError()
+
+def f(cond: bool) -> str | int:
+    if cond:
+        return "a"
+    else:
+        return 1
+```
+
+## Implicit return type
+
+```py
+def f(cond: bool) -> int | None:
+    if cond:
+        return 1
+
+# no implicit return
+def f() -> int:
+    if True:
+        return 1
+
+# no implicit return
+def f(cond: bool) -> int:
+    cond = True
+    if cond:
+        return 1
+
+def f(cond: bool) -> int:
+    if cond:
+        cond = True
+    else:
+        return 1
+    if cond:
+        return 2
+```
+
+## Invalid return type
+
+<!-- snapshot-diagnostics -->
+
+```py
+# error: [invalid-return-type]
+def f() -> int:
+    1
+
+def f() -> str:
+    # error: [invalid-return-type]
+    return 1
+
+def f() -> int:
+    # error: [invalid-return-type]
+    return
+
+from typing import TypeVar
+
+T = TypeVar("T")
+
+# TODO: `invalid-return-type` error should be emitted
+def m(x: T) -> T: ...
+```
+
+## Invalid return type in stub file
+
+<!-- snapshot-diagnostics -->
+
+```pyi
+def f() -> int:
+    # error: [invalid-return-type]
+    return ...
+
+# error: [invalid-return-type]
+def foo() -> int:
+    print("...")
+    ...
+
+# error: [invalid-return-type]
+def foo() -> int:
+    f"""{foo} is a function that ..."""
+    ...
+```
+
+## Invalid conditional return type
+
+<!-- snapshot-diagnostics -->
+
+```py
+def f(cond: bool) -> str:
+    if cond:
+        return "a"
+    else:
+        # error: [invalid-return-type]
+        return 1
+
+def f(cond: bool) -> str:
+    if cond:
+        # error: [invalid-return-type]
+        return 1
+    else:
+        # error: [invalid-return-type]
+        return 2
+```
+
+## Invalid implicit return type
+
+<!-- snapshot-diagnostics -->
+
+```py
+def f() -> None:
+    if False:
+        # error: [invalid-return-type]
+        return 1
+
+# error: [invalid-return-type]
+def f(cond: bool) -> int:
+    if cond:
+        return 1
+
+# error: [invalid-return-type]
+def f(cond: bool) -> int:
+    if cond:
+        raise ValueError()
+
+# error: [invalid-return-type]
+def f(cond: bool) -> int:
+    if cond:
+        cond = False
+    else:
+        return 1
+    if cond:
+        return 2
+```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/generics/functions.md b/crates/red_knot_python_semantic/resources/mdtest/generics/functions.md
index e2499cff07..712152ba3e 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/generics/functions.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/generics/functions.md
@@ -35,7 +35,7 @@ Each typevar must also appear _somewhere_ in the parameter list:
 ```py
 def absurd[T]() -> T:
     # There's no way to construct a T!
-    ...
+    raise ValueError("absurd")
 ```
 
 ## Inferring generic function parameter types
@@ -48,7 +48,8 @@ whether we want to infer a more specific `Literal` type where possible, or use h
 the inferred type to e.g. `int`.
 
 ```py
-def f[T](x: T) -> T: ...
+def f[T](x: T) -> T:
+    return x
 
 # TODO: no error
 # TODO: revealed: int or Literal[1]
@@ -77,7 +78,8 @@ The matching up of call arguments and discovery of constraints on typevars can b
 process for arbitrarily-nested generic types in parameters.
 
 ```py
-def f[T](x: list[T]) -> T: ...
+def f[T](x: list[T]) -> T:
+    return x[0]
 
 # TODO: revealed: float
 reveal_type(f([1.0, 2.0]))  # revealed: T
@@ -119,7 +121,7 @@ def different_types[T, S](cond: bool, t: T, s: S) -> T:
     if cond:
         return t
     else:
-        # TODO: error: S is not assignable to T
+        # error: [invalid-return-type] "Object of type `S` is not assignable to return type `T`"
         return s
 
 def same_types[T](cond: bool, t1: T, t2: T) -> T:
diff --git a/crates/red_knot_python_semantic/resources/mdtest/generics/scoping.md b/crates/red_knot_python_semantic/resources/mdtest/generics/scoping.md
index d3f29077d8..14342a838f 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/generics/scoping.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/generics/scoping.md
@@ -37,8 +37,11 @@ from typing import TypeVar
 
 T = TypeVar("T")
 
-def f1(x: T) -> T: ...
-def f2(x: T) -> T: ...
+def f1(x: T) -> T:
+    return x
+
+def f2(x: T) -> T:
+    return x
 
 f1(1)
 f2("a")
@@ -53,7 +56,8 @@ This also applies to a single generic function being used multiple times, instan
 to a different type each time.
 
 ```py
-def f[T](x: T) -> T: ...
+def f[T](x: T) -> T:
+    return x
 
 # TODO: no error
 # TODO: revealed: int or Literal[1]
@@ -72,8 +76,11 @@ reveal_type(f("a"))  # revealed: T
 
 ```py
 class C[T]:
-    def m1(self, x: T) -> T: ...
-    def m2(self, x: T) -> T: ...
+    def m1(self, x: T) -> T:
+        return x
+
+    def m2(self, x: T) -> T:
+        return x
 
 c: C[int] = C()
 # TODO: no error
@@ -101,7 +108,8 @@ S = TypeVar("S")
 # TODO: no error
 # error: [invalid-base]
 class Legacy(Generic[T]):
-    def m(self, x: T, y: S) -> S: ...
+    def m(self, x: T, y: S) -> S:
+        return y
 
 legacy: Legacy[int] = Legacy()
 # TODO: revealed: str
@@ -112,7 +120,8 @@ With PEP 695 syntax, it is clearer that the method uses a separate typevar:
 
 ```py
 class C[T]:
-    def m[S](self, x: T, y: S) -> S: ...
+    def m[S](self, x: T, y: S) -> S:
+        return y
 
 c: C[int] = C()
 # TODO: no errors
@@ -147,7 +156,8 @@ class C(Generic[T]):
     x: list[S] = []
 
     # This is not an error, as shown in the previous test
-    def m(self, x: S) -> S: ...
+    def m(self, x: S) -> S:
+        return x
 ```
 
 This is true with PEP 695 syntax, as well, though we must use the legacy syntax to define the
@@ -169,8 +179,11 @@ class C[T]:
     # TODO: error
     x: list[S] = []
 
-    def m1(self, x: S) -> S: ...
-    def m2[S](self, x: S) -> S: ...
+    def m1(self, x: S) -> S:
+        return x
+
+    def m2[S](self, x: S) -> S:
+        return x
 ```
 
 ## Nested formal typevars must be distinct
diff --git a/crates/red_knot_python_semantic/resources/mdtest/loops/for.md b/crates/red_knot_python_semantic/resources/mdtest/loops/for.md
index 60b7e47074..bc18230147 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/loops/for.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/loops/for.md
@@ -431,7 +431,7 @@ def _(flag: bool):
         # invalid signature because it only accepts a `str`,
         # but the old-style iteration protocol will pass it an `int`
         def __getitem__(self, key: str) -> bytes:
-            return 42
+            return bytes()
 
     # error: [not-iterable]
     for x in Iterable():
@@ -484,7 +484,7 @@ def _(flag1: bool, flag2: bool):
                 return Iterator()
         if flag2:
             def __getitem__(self, key: int) -> bytes:
-                return 42
+                return bytes()
 
     # error: [not-iterable]
     for x in Iterable():
@@ -682,7 +682,7 @@ def _(flag: bool):
                 return "foo"
         else:
             def __getitem__(self, item: str) -> int:
-                return "foo"
+                return 42
 
     # error: [not-iterable]
     for x in Iterable1():
@@ -723,7 +723,7 @@ def _(flag: bool, flag2: bool):
                 return "foo"
         else:
             def __getitem__(self, item: str) -> int:
-                return "foo"
+                return 42
         if flag2:
             def __iter__(self) -> Iterator:
                 return Iterator()
diff --git a/crates/red_knot_python_semantic/resources/mdtest/loops/iterators.md b/crates/red_knot_python_semantic/resources/mdtest/loops/iterators.md
index 8ec99c9e40..5b8c009fe3 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/loops/iterators.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/loops/iterators.md
@@ -10,7 +10,8 @@ class Iterator:
         return 42
 
 class Iterable:
-    def __iter__(self) -> Iterator: ...
+    def __iter__(self) -> Iterator:
+        return Iterator()
 
 def generator_function():
     yield from Iterable()
diff --git a/crates/red_knot_python_semantic/resources/mdtest/metaclass.md b/crates/red_knot_python_semantic/resources/mdtest/metaclass.md
index ed65589093..33cd463848 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/metaclass.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/metaclass.md
@@ -166,7 +166,8 @@ When a class has an explicit `metaclass` that is not a class, but is a callable
 `type.__new__` arguments, we should return the meta-type of its return type.
 
 ```py
-def f(*args, **kwargs) -> int: ...
+def f(*args, **kwargs) -> int:
+    return 1
 
 class A(metaclass=f): ...
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/narrow/issubclass.md b/crates/red_knot_python_semantic/resources/mdtest/narrow/issubclass.md
index e874d606d2..3ad543361d 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/narrow/issubclass.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/narrow/issubclass.md
@@ -170,7 +170,8 @@ if issubclass(t, int):
 def issubclass(c, ci):
     return True
 
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 t = int if flag() else str
 if issubclass(t, int):
@@ -182,7 +183,8 @@ if issubclass(t, int):
 ```py
 issubclass_alias = issubclass
 
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 t = int if flag() else str
 if issubclass_alias(t, int):
@@ -194,7 +196,8 @@ if issubclass_alias(t, int):
 ```py
 from builtins import issubclass as imported_issubclass
 
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 t = int if flag() else str
 if imported_issubclass(t, int):
@@ -206,7 +209,8 @@ if imported_issubclass(t, int):
 ```py
 from typing import Any
 
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 t = int if flag() else str
 
@@ -229,7 +233,8 @@ if issubclass(t, Any):
 ### Do not narrow if there are keyword arguments
 
 ```py
-def flag() -> bool: ...
+def flag() -> bool:
+    return True
 
 t = int if flag() else str
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/narrow/match.md b/crates/red_knot_python_semantic/resources/mdtest/narrow/match.md
index c13b7dd4f5..1ff85d4bb8 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/narrow/match.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/narrow/match.md
@@ -20,7 +20,8 @@ def _(flag: bool):
 ## Class patterns
 
 ```py
-def get_object() -> object: ...
+def get_object() -> object:
+    return object()
 
 class A: ...
 class B: ...
@@ -42,10 +43,12 @@ reveal_type(x)  # revealed: object
 ## Class pattern with guard
 
 ```py
-def get_object() -> object: ...
+def get_object() -> object:
+    return object()
 
 class A:
-    def y() -> int: ...
+    def y() -> int:
+        return 1
 
 class B: ...
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/narrow/truthiness.md b/crates/red_knot_python_semantic/resources/mdtest/narrow/truthiness.md
index 5ad241beaa..057c4d706b 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/narrow/truthiness.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/narrow/truthiness.md
@@ -233,16 +233,20 @@ reveal_type(y)  # revealed: A
 from typing import Literal
 
 class MetaAmbiguous(type):
-    def __bool__(self) -> bool: ...
+    def __bool__(self) -> bool:
+        return True
 
 class MetaFalsy(type):
-    def __bool__(self) -> Literal[False]: ...
+    def __bool__(self) -> Literal[False]:
+        return False
 
 class MetaTruthy(type):
-    def __bool__(self) -> Literal[True]: ...
+    def __bool__(self) -> Literal[True]:
+        return True
 
 class MetaDeferred(type):
-    def __bool__(self) -> MetaAmbiguous: ...
+    def __bool__(self) -> MetaAmbiguous:
+        return MetaAmbiguous()
 
 class AmbiguousClass(metaclass=MetaAmbiguous): ...
 class FalsyClass(metaclass=MetaFalsy): ...
@@ -300,20 +304,24 @@ def _(x: bool | str):
     reveal_type(x and A())  # revealed: Literal[False] | str & ~AlwaysTruthy | A
 
 class Falsy:
-    def __bool__(self) -> Literal[False]: ...
+    def __bool__(self) -> Literal[False]:
+        return False
 
 class Truthy:
-    def __bool__(self) -> Literal[True]: ...
+    def __bool__(self) -> Literal[True]:
+        return True
 
 def _(x: Falsy | Truthy):
     reveal_type(x or A())  # revealed: Truthy | A
     reveal_type(x and A())  # revealed: Falsy | A
 
 class MetaFalsy(type):
-    def __bool__(self) -> Literal[False]: ...
+    def __bool__(self) -> Literal[False]:
+        return False
 
 class MetaTruthy(type):
-    def __bool__(self) -> Literal[True]: ...
+    def __bool__(self) -> Literal[True]:
+        return True
 
 class FalsyClass(metaclass=MetaFalsy): ...
 class TruthyClass(metaclass=MetaTruthy): ...
diff --git a/crates/red_knot_python_semantic/resources/mdtest/narrow/while.md b/crates/red_knot_python_semantic/resources/mdtest/narrow/while.md
index ac91a576c9..af8141b646 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/narrow/while.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/narrow/while.md
@@ -9,7 +9,8 @@ is retained after the loop.
 ## Basic `while` loop
 
 ```py
-def next_item() -> int | None: ...
+def next_item() -> int | None:
+    return 1
 
 x = next_item()
 
@@ -23,7 +24,8 @@ reveal_type(x)  # revealed: None
 ## `while` loop with `else`
 
 ```py
-def next_item() -> int | None: ...
+def next_item() -> int | None:
+    return 1
 
 x = next_item()
 
@@ -41,7 +43,8 @@ reveal_type(x)  # revealed: None
 ```py
 from typing import Literal
 
-def next_item() -> Literal[1, 2, 3]: ...
+def next_item() -> Literal[1, 2, 3]:
+    raise NotImplementedError
 
 x = next_item()
 
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_invalid_`__getitem__`_methods.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_invalid_`__getitem__`_methods.snap
index 98baf3ea35..6298cdd024 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_invalid_`__getitem__`_methods.snap
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_invalid_`__getitem__`_methods.snap
@@ -28,7 +28,7 @@ mdtest path: crates/red_knot_python_semantic/resources/mdtest/loops/for.md
 14 |                 return "foo"
 15 |         else:
 16 |             def __getitem__(self, item: str) -> int:
-17 |                 return "foo"
+17 |                 return 42
 18 | 
 19 |     # error: [not-iterable]
 20 |     for x in Iterable1():
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_bad_`__getitem__`_method.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_bad_`__getitem__`_method.snap
index 0a26d07d6f..65063fd7fe 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_bad_`__getitem__`_method.snap
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_bad_`__getitem__`_method.snap
@@ -26,7 +26,7 @@ mdtest path: crates/red_knot_python_semantic/resources/mdtest/loops/for.md
 12 |         # invalid signature because it only accepts a `str`,
 13 |         # but the old-style iteration protocol will pass it an `int`
 14 |         def __getitem__(self, key: str) -> bytes:
-15 |             return 42
+15 |             return bytes()
 16 | 
 17 |     # error: [not-iterable]
 18 |     for x in Iterable():
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_invalid_`__getitem__`.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_invalid_`__getitem__`.snap
index 1341e46b3f..95953b915a 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_invalid_`__getitem__`.snap
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_invalid_`__getitem__`.snap
@@ -36,7 +36,7 @@ mdtest path: crates/red_knot_python_semantic/resources/mdtest/loops/for.md
 22 |                 return "foo"
 23 |         else:
 24 |             def __getitem__(self, item: str) -> int:
-25 |                 return "foo"
+25 |                 return 42
 26 |         if flag2:
 27 |             def __iter__(self) -> Iterator:
 28 |                 return Iterator()
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_unbound_`__getitem__`.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_unbound_`__getitem__`.snap
index 0bcd214cf4..11cf64a294 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_unbound_`__getitem__`.snap
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/for.md_-_For_loops_-_Possibly_unbound_`__iter__`_and_possibly_unbound_`__getitem__`.snap
@@ -25,7 +25,7 @@ mdtest path: crates/red_knot_python_semantic/resources/mdtest/loops/for.md
 11 |                 return Iterator()
 12 |         if flag2:
 13 |             def __getitem__(self, key: int) -> bytes:
-14 |                 return 42
+14 |                 return bytes()
 15 | 
 16 |     # error: [not-iterable]
 17 |     for x in Iterable():
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_conditional_return_type.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_conditional_return_type.snap
new file mode 100644
index 0000000000..6835731476
--- /dev/null
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_conditional_return_type.snap
@@ -0,0 +1,96 @@
+---
+source: crates/red_knot_test/src/lib.rs
+expression: snapshot
+---
+---
+mdtest name: return_type.md - Function return type - Invalid conditional return type
+mdtest path: crates/red_knot_python_semantic/resources/mdtest/function/return_type.md
+---
+
+# Python source files
+
+## mdtest_snippet.py
+
+```
+ 1 | def f(cond: bool) -> str:
+ 2 |     if cond:
+ 3 |         return "a"
+ 4 |     else:
+ 5 |         # error: [invalid-return-type]
+ 6 |         return 1
+ 7 | 
+ 8 | def f(cond: bool) -> str:
+ 9 |     if cond:
+10 |         # error: [invalid-return-type]
+11 |         return 1
+12 |     else:
+13 |         # error: [invalid-return-type]
+14 |         return 2
+```
+
+# Diagnostics
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.py:6:16
+  |
+4 |     else:
+5 |         # error: [invalid-return-type]
+6 |         return 1
+  |                ^ Object of type `Literal[1]` is not assignable to return type `str`
+7 |
+8 | def f(cond: bool) -> str:
+  |
+ ::: /src/mdtest_snippet.py:1:22
+  |
+1 | def f(cond: bool) -> str:
+  |                      --- info: Return type is declared here as `str`
+2 |     if cond:
+3 |         return "a"
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+  --> /src/mdtest_snippet.py:11:16
+   |
+ 9 |     if cond:
+10 |         # error: [invalid-return-type]
+11 |         return 1
+   |                ^ Object of type `Literal[1]` is not assignable to return type `str`
+12 |     else:
+13 |         # error: [invalid-return-type]
+   |
+  ::: /src/mdtest_snippet.py:8:22
+   |
+ 6 |         return 1
+ 7 |
+ 8 | def f(cond: bool) -> str:
+   |                      --- info: Return type is declared here as `str`
+ 9 |     if cond:
+10 |         # error: [invalid-return-type]
+   |
+
+```
+
+```
+error: lint:invalid-return-type
+  --> /src/mdtest_snippet.py:14:16
+   |
+12 |     else:
+13 |         # error: [invalid-return-type]
+14 |         return 2
+   |                ^ Object of type `Literal[2]` is not assignable to return type `str`
+   |
+  ::: /src/mdtest_snippet.py:8:22
+   |
+ 6 |         return 1
+ 7 |
+ 8 | def f(cond: bool) -> str:
+   |                      --- info: Return type is declared here as `str`
+ 9 |     if cond:
+10 |         # error: [invalid-return-type]
+   |
+
+```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_implicit_return_type.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_implicit_return_type.snap
new file mode 100644
index 0000000000..a2f20ea75d
--- /dev/null
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_implicit_return_type.snap
@@ -0,0 +1,100 @@
+---
+source: crates/red_knot_test/src/lib.rs
+expression: snapshot
+---
+---
+mdtest name: return_type.md - Function return type - Invalid implicit return type
+mdtest path: crates/red_knot_python_semantic/resources/mdtest/function/return_type.md
+---
+
+# Python source files
+
+## mdtest_snippet.py
+
+```
+ 1 | def f() -> None:
+ 2 |     if False:
+ 3 |         # error: [invalid-return-type]
+ 4 |         return 1
+ 5 | 
+ 6 | # error: [invalid-return-type]
+ 7 | def f(cond: bool) -> int:
+ 8 |     if cond:
+ 9 |         return 1
+10 | 
+11 | # error: [invalid-return-type]
+12 | def f(cond: bool) -> int:
+13 |     if cond:
+14 |         raise ValueError()
+15 | 
+16 | # error: [invalid-return-type]
+17 | def f(cond: bool) -> int:
+18 |     if cond:
+19 |         cond = False
+20 |     else:
+21 |         return 1
+22 |     if cond:
+23 |         return 2
+```
+
+# Diagnostics
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.py:4:16
+  |
+2 |     if False:
+3 |         # error: [invalid-return-type]
+4 |         return 1
+  |                ^ Object of type `Literal[1]` is not assignable to return type `None`
+5 |
+6 | # error: [invalid-return-type]
+  |
+ ::: /src/mdtest_snippet.py:1:12
+  |
+1 | def f() -> None:
+  |            ---- info: Return type is declared here as `None`
+2 |     if False:
+3 |         # error: [invalid-return-type]
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.py:7:22
+  |
+6 | # error: [invalid-return-type]
+7 | def f(cond: bool) -> int:
+  |                      ^^^ Function can implicitly return `None`, which is not assignable to return type `int`
+8 |     if cond:
+9 |         return 1
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+  --> /src/mdtest_snippet.py:12:22
+   |
+11 | # error: [invalid-return-type]
+12 | def f(cond: bool) -> int:
+   |                      ^^^ Function can implicitly return `None`, which is not assignable to return type `int`
+13 |     if cond:
+14 |         raise ValueError()
+   |
+
+```
+
+```
+error: lint:invalid-return-type
+  --> /src/mdtest_snippet.py:17:22
+   |
+16 | # error: [invalid-return-type]
+17 | def f(cond: bool) -> int:
+   |                      ^^^ Function can implicitly return `None`, which is not assignable to return type `int`
+18 |     if cond:
+19 |         cond = False
+   |
+
+```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_return_type.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_return_type.snap
new file mode 100644
index 0000000000..e8b03d5c76
--- /dev/null
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_return_type.snap
@@ -0,0 +1,93 @@
+---
+source: crates/red_knot_test/src/lib.rs
+expression: snapshot
+---
+---
+mdtest name: return_type.md - Function return type - Invalid return type
+mdtest path: crates/red_knot_python_semantic/resources/mdtest/function/return_type.md
+---
+
+# Python source files
+
+## mdtest_snippet.py
+
+```
+ 1 | # error: [invalid-return-type]
+ 2 | def f() -> int:
+ 3 |     1
+ 4 | 
+ 5 | def f() -> str:
+ 6 |     # error: [invalid-return-type]
+ 7 |     return 1
+ 8 | 
+ 9 | def f() -> int:
+10 |     # error: [invalid-return-type]
+11 |     return
+12 | 
+13 | from typing import TypeVar
+14 | 
+15 | T = TypeVar("T")
+16 | 
+17 | # TODO: `invalid-return-type` error should be emitted
+18 | def m(x: T) -> T: ...
+```
+
+# Diagnostics
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.py:2:12
+  |
+1 | # error: [invalid-return-type]
+2 | def f() -> int:
+  |            ^^^ Function can implicitly return `None`, which is not assignable to return type `int`
+3 |     1
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.py:7:12
+  |
+5 | def f() -> str:
+6 |     # error: [invalid-return-type]
+7 |     return 1
+  |            ^ Object of type `Literal[1]` is not assignable to return type `str`
+8 |
+9 | def f() -> int:
+  |
+ ::: /src/mdtest_snippet.py:5:12
+  |
+3 |     1
+4 |
+5 | def f() -> str:
+  |            --- info: Return type is declared here as `str`
+6 |     # error: [invalid-return-type]
+7 |     return 1
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+  --> /src/mdtest_snippet.py:11:5
+   |
+ 9 | def f() -> int:
+10 |     # error: [invalid-return-type]
+11 |     return
+   |     ^^^^^^ Object of type `None` is not assignable to return type `int`
+12 |
+13 | from typing import TypeVar
+   |
+  ::: /src/mdtest_snippet.py:9:12
+   |
+ 7 |     return 1
+ 8 |
+ 9 | def f() -> int:
+   |            --- info: Return type is declared here as `int`
+10 |     # error: [invalid-return-type]
+11 |     return
+   |
+
+```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_return_type_in_stub_file.snap b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_return_type_in_stub_file.snap
new file mode 100644
index 0000000000..3c7340e526
--- /dev/null
+++ b/crates/red_knot_python_semantic/resources/mdtest/snapshots/return_type.md_-_Function_return_type_-_Invalid_return_type_in_stub_file.snap
@@ -0,0 +1,77 @@
+---
+source: crates/red_knot_test/src/lib.rs
+expression: snapshot
+---
+---
+mdtest name: return_type.md - Function return type - Invalid return type in stub file
+mdtest path: crates/red_knot_python_semantic/resources/mdtest/function/return_type.md
+---
+
+# Python source files
+
+## mdtest_snippet.pyi
+
+```
+ 1 | def f() -> int:
+ 2 |     # error: [invalid-return-type]
+ 3 |     return ...
+ 4 | 
+ 5 | # error: [invalid-return-type]
+ 6 | def foo() -> int:
+ 7 |     print("...")
+ 8 |     ...
+ 9 | 
+10 | # error: [invalid-return-type]
+11 | def foo() -> int:
+12 |     f"""{foo} is a function that ..."""
+13 |     ...
+```
+
+# Diagnostics
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.pyi:3:12
+  |
+1 | def f() -> int:
+2 |     # error: [invalid-return-type]
+3 |     return ...
+  |            ^^^ Object of type `ellipsis` is not assignable to return type `int`
+4 |
+5 | # error: [invalid-return-type]
+  |
+ ::: /src/mdtest_snippet.pyi:1:12
+  |
+1 | def f() -> int:
+  |            --- info: Return type is declared here as `int`
+2 |     # error: [invalid-return-type]
+3 |     return ...
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+ --> /src/mdtest_snippet.pyi:6:14
+  |
+5 | # error: [invalid-return-type]
+6 | def foo() -> int:
+  |              ^^^ Function can implicitly return `None`, which is not assignable to return type `int`
+7 |     print("...")
+8 |     ...
+  |
+
+```
+
+```
+error: lint:invalid-return-type
+  --> /src/mdtest_snippet.pyi:11:14
+   |
+10 | # error: [invalid-return-type]
+11 | def foo() -> int:
+   |              ^^^ Function can implicitly return `None`, which is not assignable to return type `int`
+12 |     f"""{foo} is a function that ..."""
+13 |     ...
+   |
+
+```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/subscript/bytes.md b/crates/red_knot_python_semantic/resources/mdtest/subscript/bytes.md
index 73cc378a05..7371c10562 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/subscript/bytes.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/subscript/bytes.md
@@ -49,5 +49,5 @@ def _(m: int, n: int):
 def _(s: bytes) -> bytes:
     byte_slice2 = s[0:5]
     # TODO: Support overloads... Should be `bytes`
-    reveal_type(byte_slice2)  # revealed: @Todo(return type of decorated function)
+    return reveal_type(byte_slice2)  # revealed: @Todo(return type of decorated function)
 ```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/subscript/class.md b/crates/red_knot_python_semantic/resources/mdtest/subscript/class.md
index 2903153b07..cbe37b302b 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/subscript/class.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/subscript/class.md
@@ -13,7 +13,7 @@ a = NotSubscriptable[0]  # error: "Cannot subscript object of type `Literal[NotS
 ```py
 class Identity:
     def __class_getitem__(cls, item: int) -> str:
-        return item
+        return str(item)
 
 reveal_type(Identity[0])  # revealed: str
 ```
@@ -25,7 +25,7 @@ def _(flag: bool):
     class UnionClassGetItem:
         if flag:
             def __class_getitem__(cls, item: int) -> str:
-                return item
+                return str(item)
         else:
             def __class_getitem__(cls, item: int) -> int:
                 return item
@@ -39,7 +39,7 @@ def _(flag: bool):
 def _(flag: bool):
     class A:
         def __class_getitem__(cls, item: int) -> str:
-            return item
+            return str(item)
 
     class B:
         def __class_getitem__(cls, item: int) -> int:
diff --git a/crates/red_knot_python_semantic/resources/mdtest/terminal_statements.md b/crates/red_knot_python_semantic/resources/mdtest/terminal_statements.md
index 9918d8082e..b757b0d820 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/terminal_statements.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/terminal_statements.md
@@ -652,12 +652,12 @@ def f(cond: bool) -> str:
     x = "before"
     if cond:
         reveal_type(x)  # revealed: Literal["before"]
-        return
+        return "a"
         x = "after-return"
         # TODO: no unresolved-reference error
         # error: [unresolved-reference]
         reveal_type(x)  # revealed: Unknown
     else:
         x = "else"
-    reveal_type(x)  # revealed: Literal["else"]
+    return reveal_type(x)  # revealed: Literal["else"]
 ```
diff --git a/crates/red_knot_python_semantic/resources/mdtest/with/sync.md b/crates/red_knot_python_semantic/resources/mdtest/with/sync.md
index 2a98cbe19c..b180d6f55c 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/with/sync.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/with/sync.md
@@ -91,8 +91,8 @@ with Manager():
 from typing_extensions import Self
 
 class Manager:
-    def __enter__(self) -> Self: ...
-
+    def __enter__(self) -> Self:
+        return self
     __exit__: int = 32
 
 # error: [invalid-context-manager] "Object of type `Manager` cannot be used with `with` because it does not correctly implement `__exit__`"
diff --git a/crates/red_knot_python_semantic/src/semantic_index/builder.rs b/crates/red_knot_python_semantic/src/semantic_index/builder.rs
index 2174cb207c..f113b39505 100644
--- a/crates/red_knot_python_semantic/src/semantic_index/builder.rs
+++ b/crates/red_knot_python_semantic/src/semantic_index/builder.rs
@@ -894,8 +894,12 @@ where
                             let pre_return_state = matches!(last_stmt, ast::Stmt::Return(_))
                                 .then(|| builder.flow_snapshot());
                             builder.visit_stmt(last_stmt);
+                            let scope_start_visibility =
+                                builder.current_use_def_map().scope_start_visibility;
                             if let Some(pre_return_state) = pre_return_state {
                                 builder.flow_restore(pre_return_state);
+                                builder.current_use_def_map_mut().scope_start_visibility =
+                                    scope_start_visibility;
                             }
                         }
 
diff --git a/crates/red_knot_python_semantic/src/semantic_index/symbol.rs b/crates/red_knot_python_semantic/src/semantic_index/symbol.rs
index 21c069b198..9604de384d 100644
--- a/crates/red_knot_python_semantic/src/semantic_index/symbol.rs
+++ b/crates/red_knot_python_semantic/src/semantic_index/symbol.rs
@@ -491,7 +491,7 @@ pub enum NodeWithScopeKind {
 }
 
 impl NodeWithScopeKind {
-    pub(super) const fn scope_kind(&self) -> ScopeKind {
+    pub(crate) const fn scope_kind(&self) -> ScopeKind {
         match self {
             Self::Module => ScopeKind::Module,
             Self::Class(_) => ScopeKind::Class,
diff --git a/crates/red_knot_python_semantic/src/semantic_index/use_def.rs b/crates/red_knot_python_semantic/src/semantic_index/use_def.rs
index e882e5d4b5..dc6558e65e 100644
--- a/crates/red_knot_python_semantic/src/semantic_index/use_def.rs
+++ b/crates/red_knot_python_semantic/src/semantic_index/use_def.rs
@@ -320,6 +320,21 @@ pub(crate) struct UseDefMap<'db> {
     /// Snapshot of bindings in this scope that can be used to resolve a reference in a nested
     /// eager scope.
     eager_bindings: EagerBindings,
+
+    /// Whether or not the start of the scope is visible.
+    /// This is used to check if the function can implicitly return `None`.
+    /// For example:
+    ///
+    /// ```python
+    /// def f(cond: bool) -> int:
+    ///     if cond:
+    ///        return 1
+    /// ```
+    ///
+    /// In this case, the function may implicitly return `None`.
+    ///
+    /// This is used by `UseDefMap::can_implicit_return`.
+    scope_start_visibility: ScopedVisibilityConstraintId,
 }
 
 impl<'db> UseDefMap<'db> {
@@ -368,6 +383,14 @@ impl<'db> UseDefMap<'db> {
         self.declarations_iterator(declarations)
     }
 
+    /// This function is intended to be called only once inside `TypeInferenceBuilder::infer_function_body`.
+    pub(crate) fn can_implicit_return(&self, db: &dyn crate::Db) -> bool {
+        !self
+            .visibility_constraints
+            .evaluate(db, &self.predicates, self.scope_start_visibility)
+            .is_always_false()
+    }
+
     fn bindings_iterator<'map>(
         &'map self,
         bindings: &'map SymbolBindings,
@@ -530,7 +553,7 @@ pub(super) struct UseDefMapBuilder<'db> {
     /// whether or not the start of the scope is visible. This is important for cases like
     /// `if True: x = 1; use(x)` where we need to hide the implicit "x = unbound" binding
     /// in the "else" branch.
-    scope_start_visibility: ScopedVisibilityConstraintId,
+    pub(super) scope_start_visibility: ScopedVisibilityConstraintId,
 
     /// Live bindings at each so-far-recorded use.
     bindings_by_use: IndexVec<ScopedUseId, SymbolBindings>,
@@ -784,6 +807,7 @@ impl<'db> UseDefMapBuilder<'db> {
             declarations_by_binding: self.declarations_by_binding,
             bindings_by_declaration: self.bindings_by_declaration,
             eager_bindings: self.eager_bindings,
+            scope_start_visibility: self.scope_start_visibility,
         }
     }
 }
diff --git a/crates/red_knot_python_semantic/src/types/diagnostic.rs b/crates/red_knot_python_semantic/src/types/diagnostic.rs
index 8a88541d2a..2aa3f5777c 100644
--- a/crates/red_knot_python_semantic/src/types/diagnostic.rs
+++ b/crates/red_knot_python_semantic/src/types/diagnostic.rs
@@ -13,7 +13,7 @@ use ruff_db::diagnostic::{
 };
 use ruff_db::files::File;
 use ruff_python_ast::{self as ast, AnyNodeRef};
-use ruff_text_size::TextRange;
+use ruff_text_size::{Ranged, TextRange};
 use rustc_hash::FxHashSet;
 use std::borrow::Cow;
 use std::fmt::Formatter;
@@ -33,6 +33,7 @@ pub(crate) fn register_lints(registry: &mut LintRegistryBuilder) {
     registry.register_lint(&INCONSISTENT_MRO);
     registry.register_lint(&INDEX_OUT_OF_BOUNDS);
     registry.register_lint(&INVALID_ARGUMENT_TYPE);
+    registry.register_lint(&INVALID_RETURN_TYPE);
     registry.register_lint(&INVALID_ASSIGNMENT);
     registry.register_lint(&INVALID_BASE);
     registry.register_lint(&INVALID_CONTEXT_MANAGER);
@@ -261,6 +262,25 @@ declare_lint! {
     }
 }
 
+declare_lint! {
+    /// ## What it does
+    /// Detects returned values that can't be assigned to the function's annotated return type.
+    ///
+    /// ## Why is this bad?
+    /// Returning an object of a type incompatible with the annotated return type may cause confusion to the user calling the function.
+    ///
+    /// ## Examples
+    /// ```python
+    /// def func() -> int:
+    ///     return "a"  # error: [invalid-return-type]
+    /// ```
+    pub(crate) static INVALID_RETURN_TYPE = {
+        summary: "detects returned values that can't be assigned to the function's annotated return type",
+        status: LintStatus::preview("1.0.0"),
+        default_level: Level::Error,
+    }
+}
+
 declare_lint! {
     /// TODO #14889
     pub(crate) static INVALID_ASSIGNMENT = {
@@ -1087,6 +1107,47 @@ pub(super) fn report_invalid_attribute_assignment(
     );
 }
 
+pub(super) fn report_invalid_return_type(
+    context: &InferContext,
+    object_range: impl Ranged,
+    return_type_range: impl Ranged,
+    expected_ty: Type,
+    actual_ty: Type,
+) {
+    let return_type_span = Span::from(context.file()).with_range(return_type_range.range());
+    context.report_lint_with_secondary_messages(
+        &INVALID_RETURN_TYPE,
+        object_range,
+        format_args!(
+            "Object of type `{}` is not assignable to return type `{}`",
+            actual_ty.display(context.db()),
+            expected_ty.display(context.db())
+        ),
+        vec![OldSecondaryDiagnosticMessage::new(
+            return_type_span,
+            format!(
+                "Return type is declared here as `{}`",
+                expected_ty.display(context.db())
+            ),
+        )],
+    );
+}
+
+pub(super) fn report_implicit_return_type(
+    context: &InferContext,
+    range: impl Ranged,
+    expected_ty: Type,
+) {
+    context.report_lint(
+        &INVALID_RETURN_TYPE,
+        range,
+        format_args!(
+            "Function can implicitly return `None`, which is not assignable to return type `{}`",
+            expected_ty.display(context.db())
+        ),
+    );
+}
+
 pub(super) fn report_invalid_type_checking_constant(context: &InferContext, node: AnyNodeRef) {
     context.report_lint(
         &INVALID_TYPE_CHECKING_CONSTANT,
diff --git a/crates/red_knot_python_semantic/src/types/infer.rs b/crates/red_knot_python_semantic/src/types/infer.rs
index 1bdbc43806..bb28029c21 100644
--- a/crates/red_knot_python_semantic/src/types/infer.rs
+++ b/crates/red_knot_python_semantic/src/types/infer.rs
@@ -56,8 +56,9 @@ use crate::symbol::{
 };
 use crate::types::call::{Argument, CallArguments, UnionCallError};
 use crate::types::diagnostic::{
-    report_invalid_arguments_to_annotated, report_invalid_arguments_to_callable,
-    report_invalid_assignment, report_invalid_attribute_assignment, report_unresolved_module,
+    report_implicit_return_type, report_invalid_arguments_to_annotated,
+    report_invalid_arguments_to_callable, report_invalid_assignment,
+    report_invalid_attribute_assignment, report_invalid_return_type, report_unresolved_module,
     TypeCheckDiagnostics, CALL_NON_CALLABLE, CALL_POSSIBLY_UNBOUND_METHOD,
     CONFLICTING_DECLARATIONS, CONFLICTING_METACLASS, CYCLIC_CLASS_DEFINITION, DIVISION_BY_ZERO,
     DUPLICATE_BASE, INCONSISTENT_MRO, INVALID_ATTRIBUTE_ACCESS, INVALID_BASE, INVALID_DECLARATION,
@@ -269,6 +270,12 @@ impl<'db> InferenceRegion<'db> {
     }
 }
 
+#[derive(Debug, Clone, Copy, Eq, PartialEq)]
+struct TypeAndRange<'db> {
+    ty: Type<'db>,
+    range: TextRange,
+}
+
 /// The inferred types for a single region.
 #[derive(Debug, Eq, PartialEq, salsa::Update)]
 pub(crate) struct TypeInference<'db> {
@@ -452,6 +459,9 @@ pub(super) struct TypeInferenceBuilder<'db> {
     /// The type inference results
     types: TypeInference<'db>,
 
+    /// The returned types and their corresponding ranges of the region, if it is a function body.
+    return_types_and_ranges: Vec<TypeAndRange<'db>>,
+
     /// The deferred state of inferring types of certain expressions within the region.
     ///
     /// This is different from [`InferenceRegion::Deferred`] which works on the entire definition
@@ -483,6 +493,7 @@ impl<'db> TypeInferenceBuilder<'db> {
             context: InferContext::new(db, scope),
             index,
             region,
+            return_types_and_ranges: vec![],
             deferred_state: DeferredExpressionState::None,
             types: TypeInference::empty(scope),
         }
@@ -1051,6 +1062,11 @@ impl<'db> TypeInferenceBuilder<'db> {
         );
     }
 
+    fn record_return_type(&mut self, ty: Type<'db>, range: TextRange) {
+        self.return_types_and_ranges
+            .push(TypeAndRange { ty, range });
+    }
+
     fn infer_module(&mut self, module: &ast::ModModule) {
         self.infer_body(&module.body);
     }
@@ -1107,6 +1123,68 @@ impl<'db> TypeInferenceBuilder<'db> {
             self.infer_definition(parameter);
         }
         self.infer_body(&function.body);
+
+        if let Some(declared_ty) = function
+            .returns
+            .as_deref()
+            .map(|ret| self.file_expression_type(ret))
+        {
+            fn is_stub_suite(suite: &[ast::Stmt]) -> bool {
+                match suite {
+                    [ast::Stmt::Expr(ast::StmtExpr { value: first, .. }), ast::Stmt::Expr(ast::StmtExpr { value: second, .. }), ..] => {
+                        first.is_string_literal_expr() && second.is_ellipsis_literal_expr()
+                    }
+                    [ast::Stmt::Expr(ast::StmtExpr { value, .. }), ast::Stmt::Pass(_), ..] => {
+                        value.is_string_literal_expr()
+                    }
+                    [ast::Stmt::Expr(ast::StmtExpr { value, .. }), ..] => {
+                        value.is_ellipsis_literal_expr() || value.is_string_literal_expr()
+                    }
+                    [ast::Stmt::Pass(_)] => true,
+                    _ => false,
+                }
+            }
+            let is_overload = function.decorator_list.iter().any(|decorator| {
+                let decorator_type = self.file_expression_type(&decorator.expression);
+
+                decorator_type
+                    .into_function_literal()
+                    .is_some_and(|f| f.is_known(self.db(), KnownFunction::Overload))
+            });
+            // TODO: Protocol / abstract methods can have empty bodies
+            if (self.in_stub() || is_overload)
+                && self.return_types_and_ranges.is_empty()
+                && is_stub_suite(&function.body)
+            {
+                return;
+            }
+            for invalid in self
+                .return_types_and_ranges
+                .iter()
+                .filter(|ty_range| !ty_range.ty.is_assignable_to(self.db(), declared_ty))
+            {
+                report_invalid_return_type(
+                    &self.context,
+                    invalid.range,
+                    function.returns.as_ref().unwrap().range(),
+                    declared_ty,
+                    invalid.ty,
+                );
+            }
+            let scope_id = self.index.node_scope(NodeWithScopeRef::Function(function));
+            let use_def = self.index.use_def_map(scope_id);
+            if use_def.can_implicit_return(self.db())
+                && !KnownClass::NoneType
+                    .to_instance(self.db())
+                    .is_assignable_to(self.db(), declared_ty)
+            {
+                report_implicit_return_type(
+                    &self.context,
+                    function.returns.as_ref().unwrap().range(),
+                    declared_ty,
+                );
+            }
+        }
     }
 
     fn infer_body(&mut self, suite: &[ast::Stmt]) {
@@ -2743,7 +2821,15 @@ impl<'db> TypeInferenceBuilder<'db> {
     }
 
     fn infer_return_statement(&mut self, ret: &ast::StmtReturn) {
-        self.infer_optional_expression(ret.value.as_deref());
+        if let Some(ty) = self.infer_optional_expression(ret.value.as_deref()) {
+            let range = ret
+                .value
+                .as_ref()
+                .map_or(ret.range(), |value| value.range());
+            self.record_return_type(ty, range);
+        } else {
+            self.record_return_type(KnownClass::NoneType.to_instance(self.db()), ret.range());
+        }
     }
 
     fn infer_delete_statement(&mut self, delete: &ast::StmtDelete) {
diff --git a/knot.schema.json b/knot.schema.json
index c0d82b5c68..43591dce0b 100644
--- a/knot.schema.json
+++ b/knot.schema.json
@@ -441,6 +441,16 @@
             }
           ]
         },
+        "invalid-return-type": {
+          "title": "detects returned values that can't be assigned to the function's annotated return type",
+          "description": "## What it does\nDetects returned values that can't be assigned to the function's annotated return type.\n\n## Why is this bad?\nReturning an object of a type incompatible with the annotated return type may cause confusion to the user calling the function.\n\n## Examples\n```python\ndef func() -> int:\n    return \"a\"  # error: [invalid-return-type]\n```",
+          "default": "error",
+          "oneOf": [
+            {
+              "$ref": "#/definitions/Level"
+            }
+          ]
+        },
         "invalid-syntax-in-forward-annotation": {
           "title": "detects invalid syntax in forward annotations",
           "description": "TODO #14889",