Abstract: A power supply (20) incorporates a switching regulator circuit and a flyback transformer (26) having diodes (42) for unidirectional current flow from an output circuit of the transformer to a load (24). Substantially noise-free sensing of currents in both input (32) and output (34) windings of the transformer is provided by a sensing circuit composed of a sense winding (46) on the transformer and an integrator (50) coupled to the sense winding. The integrator provides an output signal proportional to volt seconds or flux which, in turn, is proportional to either the input current or the output current. The input current and the output current flow alternately due to a switching action of the regulator circuitry.