The cyclic water gas-shift reactor (CWGSR) is a cyclically operated fixed bed reactor for the removal of carbon monoxide from reformate gases. It is based on the repeated reduction of iron oxide by reformate gases and its subsequent oxidation by steam. To evaluate the thermodynamic limits of this reactor, we develop a model under the assumption of chemical equilibrium. For this purpose, we conduct a wave analysis which shows that the reactor behaviour is dominated by the movement of sharp reaction fronts. Depending on the positions of these fronts at cyclic steady state, five different operating regimes of the CWGSR can be identified. Besides the qualitative analysis of the regimes, the equilibrium model also offers a first quantitative analysis regarding the two performance parameters, i.e. fuel utilisation and product concentration. At 750 degrees C, a fuel utilisation of 55% can be achieved, and the molar hydrogen fraction in the product stream is up to 70%. The equilibrium model can be used for a first estimate of favourable design and operating parameters of the CWGSR. (C) 2009 Elsevier Ltd. All rights reserved.