Step-up/step-down switching regulators and pulse width modulation control therefor which can provide a high output current, high efficiency, use physically smaller inductor and transistors, have lower output voltage ripple, excellent line and load regulation stability and very fast transient response. The modulation control includes three operating states. The improved operating characteristics are obtained by including, as one of the operating states, the direct flow of current from the input of the regulator to the output of the regulator. This allows delivery of current from the inductor to the output a greater percentage of the time than in the prior art. An exemplary embodiment and exemplary method of operation are described.