A voltage regulator includes: a normally-on first transistor coupled to an input voltage; an inductor provided between the first transistor and an output terminal; a return circuit provided between a reference voltage and a connection node of the first transistor and the inductor; a drive circuit that supplies a drive signal to a gate of the first transistor; and a negative voltage generation circuit that is coupled to the reference voltage, generates a negative voltage on the basis of a pulse signal generated at the connection node by switching operation of the first transistor, and supplies the negative voltage to the drive circuit.