We achieve a quantum-noise-limited absorption sensitivity of 1.7×10-12 cm -1per spectral element at 400 s of acquisition time with cavity-enhanced frequency comb spectroscopy, the highest demonstrated for a comb-based technique. The system comprises a frequency comb locked to a high-finesse cavity and a fastscanning Fourier transform spectrometer with an ultra-low-noise autobalancing detector. Spectra with a signal-to-noise ratio above 1000 and a resolution of 380MHz are acquired within a few seconds. The measured absorption lineshapes are in excellent agreement with theoretical predictions.PACS numbers: 42.62.Fi, 42.50.Lc, 85.60.Gz, 42.79.Gn Continuous wave (cw) laser absorption spectroscopy is a well-established technique for quantitative measurements of various constituents in gas phase. The sensitivity of the technique can be improved either by employing modulation techniques, which shift the signal to audio [1, 2] or radio [3] frequencies, where the technical noise is reduced, or by implementing an external high-finesse enhancement cavity [4, 5], which increases the interaction length of the light with the sample, and thus the absorption signal. Successful combination of these two approaches has led to impressive shot-noise-limited absorption sensitivities [6]. The main constraint of cavity-2 enhanced cw techniques, however, is their inability to measure broadband spectra in short acquisition times. The optical frequency combs extend the benefits of cw-laser-based techniques to thousands of laser lines and remove the bandwidth limitation [7, 8]. The discrete spectrum of equidistant comb lines matches that of an external enhancement cavity, enabling efficient coupling of the comb light into the cavity [9,10]. Several detection schemes have been proposed for cavity-enhanced direct frequency comb spectroscopy (CE-DFCS), but none was able to suppress the technical noise down to the quantum limit. In most previous realizations of the technique, the light transmitted through the cavity has been detected using a dispersive element and a multidetector array [11][12][13]. With this approach the laser frequency-to-amplitude (FM-to-AM) noise conversion caused by the narrow cavity modes can be efficiently reduced, by measuring either the cavity ringdown time [11] or integrated cavity output [12]. However, the sensitivity is limited by the technical noise in the detector array because of the low optical power in each spectrally resolved element. An alternative is to use Fourier transform spectrometry (FTS), either with a mechanical Michelson interferometer [14,15] or with the dual comb approach [16]. The advantage of using FTS for CE-DFCS is that the spectral bandwidth of the detection system is limited only by the cavity dispersion, and not by the number of detection elements [17]. However, a photodetector and data acquisition board with a large dynamic range are necessary to obtain high signal-to-noise ratios [18]. Moreover, the use of FTS requires constant transmission through the cavity and thus the comb to b...