A combination equalizer and automatic gain control (AGC) is provided for high-speed receivers. The combination circuit comprises a first AGC having an input to accept a communication signal and an input to accept a first control signal. The first AGC modifies the communication signal gain in response to the first control signal, to supply a first stage signal at an output. An equalizer has an input to accept the first stage signal and an input to accept a second control signal. The equalizer modifies the frequency characteristics of the first stage signal in response to the second control signal, to supply an equalized signal at an output. A second AGC has an input to accept the equalized signal and an input to accept a third control signal. The second AGC modifies the equalized signal gain in response to the third control signal, to supply a second stage signal at an output.