A switched-capacitor voltage regulator (SCVR) that dithers flying capacitance (C$_textrmFLY$) to reduce output ripple is presented. The proposed technique is implemented in a 40-phase SCVR with 4b C$_textrmFLY$ modulation in 65nm CMOS. At 2.3V input, on-chip ripple magnitude of 6 16mV at 1V output is measured for 11 142mA load. Peak efficiency is 70.8% at a power density of 0.187W/mm$^textrm2$.