A multi-phase coupled inductor includes a powder core material magnetic core and first, second, third, and fourth terminals. The coupled inductor further includes a first winding at least partially embedded in the core and a second winding at least partially embedded in the core. The first winding is electrically coupled between the first and second terminals, and the second winding electrically is coupled between the third and fourth terminals. The second winding is at least partially physically separated from the first winding within the magnetic core. The multi-phase coupled inductor is, for example, used in a power supply.