The thermoelastic martensitic transformation in shape-memory alloys is studied thermodynamically. Calorimetric experiments on the Cu─Zn─A1 alloy system reveal that the transformation takes place with a practically negligible entropy production. The usual hysteretic subloop behaviour during partial cycling is obtained for the first time by calorimetry. An analysis of the measurements gives the quantitative behaviour of elastic and dissipative energies with the volume fraction of martensite.