Purpose of reviewThe measurement of cardiac output (CO) is important in patients with circulatory shock. Pulse wave analysis (PWA) estimates CO continuously and in real-time using the mathematical analysis of the arterial pressure waveform. We describe different PWA methods and provide a framework for CO monitoring using PWA in critically ill patients.Recent findingsPWA monitoring systems can be classified according to their invasiveness (into invasive, minimally invasive, and noninvasive systems) and their calibration method (into externally calibrated, internally calibrated, and uncalibrated systems). PWA requires optimal arterial pressure waveform signals. Marked alterations and rapid changes in systemic vascular resistance and vasomotor tone can impair the measurement performance of PWA.SummaryNoninvasive PWA methods are generally not recommended in critically ill patients (who have arterial catheters anyway). PWA systems can be used to continuously track stroke volume and CO in real-time during tests of fluid responsiveness or during therapeutic interventions. During fluid challenges, continuous CO monitoring is important because – if CO decreases – a fluid challenge can be stopped early to avoid further unnecessary fluid administration. PWA externally calibrated to indicator dilution methods can be used – in addition to echocardiography – to diagnose the type of shock.