A voltage ladder is used to generate reference voltages. The voltage ladder is used by multiple digital-to-analog converters (DACs). In particular, the voltage ladder is used by multiple pulse-width modulation (PWM) DACs. Having multiple DACs utilize a common voltage ladder for their reference voltages reduces mismatched output voltages between DACs. Having multiple DACs utilize the common voltage ladder helps ensure that the reference voltages used by different DACs are not affected by process, voltage, and/or temperature variations in the reference voltages that would occur when using different voltage ladders for each DAC.