Reading and discussing texts as a means for learning subject content are regular features within educational contexts. This paper presents an approach for intertextual content analysis (ICA) of such text-related discussions revealing what the participants make of the text. Thus, in contrast to many other approaches for analysing conversation that focus essentially on the interaction per se, ICA takes the text as its starting point. Drawing on the concept of text movability and systemic-functional cohesion analyses, the approach combines a reader's perspective and a text perspective to show the participants' reception of the text, and also what and how text content is brought into the conversation and how it is handled. In the paper, ICA is described with regard to its theoretical underpinnings, usage and utility. It is suggested that the approach provides educational researchers with an analytical tool that allows detailed ICAs of text-related classroom discussion. Findings may ultimately lead to pedagogical implications with a bearing on classroom practice.