The present disclosure includes multi-level switching regulator circuits and methods with finite state machine control. In one embodiment, a circuit comprises a switching regulator and a finite state machine. The switching regulator comprises high side and low side switches, and at least one capacitor. A finite state machine receiving a switching signal and a duty cycle signal to generate switch control signals to the switches. The switches are turned on and off under control of the finite state machine in response to transitions of the switching signal and the duty cycle signal. The switching signal may be generated from an envelope tracking signal, and the switching regulator may be part of an envelope tracking system.