A power supply regulator including a variable current limit threshold that increases during an on time of a switch. In one aspect, a power supply regulator includes a comparator that has a first input coupled to sense a voltage representative of a current flowing through a switch during an on time of the switch. The comparator has a second input coupled to receive a variable current limit threshold that increases during the on time of the switch. A feedback circuit is coupled to receive a feedback signal representative of an output voltage at an output of a power supply. A control circuit is coupled to generate a control signal in response to an output of the comparator and in response to an output of the feedback circuit. The control signal is to be coupled to a control terminal of the switch to control switching of the switch.