Variable gain amplifiers (VGA) with output phase invariance are provided herein. In certain embodiments, a VGA is operable in a selected gain setting chosen from multiple gain settings that provide different amounts of amplification to a radio frequency (RF) input signal. The VGA includes a gain transistor that has a substantially constant bias current across the gain settings, such that the VGA's output phase, input impedance matching, and/or input return loss are substantially constant. The gain setting of the VGA is selected by controlling relative biasing of a pair of cascode transistors each connected to the gain transistor by a corresponding degeneration resistor. The degeneration resistors provide compensation that reduces or eliminates a difference in output phase of the VGA across gain settings, for instance, by introducing a zero in a transfer function of the VGA that cancels a pole arising from the cascode transistors.