In a bandgap voltage reference circuit in accordance with the present invention, the different-sized emitters of the two bipolar devices of a .DELTA.V.sub.BE stage return to ground (or other bias voltage) through separate resistors. The V.sub.BE term of the reference device is supplied by a V.sub.BE current source through a third resistor. The proportional-to-absolute-temperature (PTAT) term of the reference occurs as the difference of base-emitter voltages .DELTA.V.sub.BE between the larger and smaller emitters. An output voltage V.sub.out multiplier resistor feeds to the larger emitter through an inverting amplifier. In one embodiment of the invention, the output voltage V.sub.out trim at one temperature is obtained by trimming the base-emitter resistor of the "small emitter" device to compensate for the V.sub.BE process variation.