This paper demonstrates a geometry-free GNSS measurement analysis approach and presents results of single frequency GPS, EGNOS and GIOVE short and zero baseline measurements. The purpose is to separate the different contributions to the measurement noise of pseudo range code and carrier phase observations at the receiver. The influence of multipath on the different combinations of observations is also determined. Quantitative results are presented for the thermal code and phase measurement noise and for the correlation between the observations. Comparison of the results with theoretical approximations confirms the validity of the used approach. Results from field measurements clearly show less thermal noise on the Galileo E1BC observations than on the GPS L1C/A observations due to the new signal modulation. The feasibility of ambiguity resolution with a geometry-free model is also discussed including the significant impact of multipath thereon.