A digital-to-analog converter generates a monotonic sequence of reference voltages and selects an arbitrary pair of reference voltages, adjacent in the monotonic sequence, according to digital input. A switching network charges a capacitor according to the difference between the two selected reference voltages, then connects another capacitor to the first capacitor to generate a voltage intermediate between the two selected reference voltages by redistributing charge between the capacitors. The switching network also selects one of the selected reference voltages or the intermediate voltage as the analog output voltage. This conversion scheme saves space with little or no increase in current consumption.