In one embodiment, a switching regulator includes a first switching regulator stage configured between an input voltage and a first reference voltage and a second switching regulator stage configured between the first reference voltage and a second reference voltage. A first terminal of an inductor is coupled to an output of the first switching regulator stage and an output of the second switching regulator stage. The first switching regulator stage operates to produce an output voltage when the output voltage is configured above the first reference voltage, and the second switching regulator stage operates to produce an output voltage when the output voltage is configured below the first reference voltage.