Within mathematics education research, the responses to the Programme for International Student Assessment's (PISA's) international testing regime tend to accept its framework and results as necessary points of reference, even when offering a critical reinterpretation or challenging national policy discourses based on PISA. In this article, we offer a different approach to the critique of PISA, drawing on theoretical tools provided by Bernstein and Foucault, to ask what the PISA regime achieves. Our understanding of this achievement encompasses both the production of knowledge structures and the production of students, teachers and other agents as subjects. We propose that the theoretical approach we offer provides a methodological entry point into analysis of the texts comprising the PISA mathematics regime. Analysis of a single PISA item is used to illustrate the insights that may be gained from such a theoretical lens. Such insights into the logic of PISA have the potential to allow us better to understand and hence contest the role that PISA and other large-scale assessment regimes may play in global and local policy discourses.