The present invention relates to a method and an apparatus for measuring Functional Residual Capacity (CO). Further, it relates to a method and an apparatus for measuring cardiac output (CO). The method comprises the steps of determining the amount of oxygen and carbon dioxide being inhaled and exhaled during at least two breathing cycles, identifying at least one difference between said breathing cycles, and estimating the FRC and/or CO based on the determined uptake of oxygen and excretion of carbon dioxide and said identified difference.