A switching voltage regulator includes a power stage for delivering output current to a load through an inductor. The power stage has a high-side transistor and a low-side transistor. The switching voltage regulator also includes a controller for setting the power stage in a PFM (pulse frequency modulation) switching mode if the output current decreases below a first threshold. Each period of the PFM switching mode includes an on-time during which the high-side transistor is on and the low-side transistor is off, an off-time during which the low-side transistor is on and the high-side transistor is off and a HiZ-time during which the high-side transistor and the low-side transistor are both off. The controller varies the on-time of the PFM switching mode responsive to a change in the output current.