We investigated the intersectional nature of race/racism and gender/sexism in broad scale inequities in physics student learning using a critical quantitative intersectionality. To provide transparency and create a nuanced picture of learning, we problematized the measurement of equity by using two competing operationalizations of equity: "Equity of Individuality" and "Equality of Learning." These two models led to conflicting conclusions. The analyses used hierarchical linear models to examine students' conceptual learning as measured by gains in scores on research-based assessments administered as pretests and posttests. The data came from the Learning About STEM Student Outcomes' (LASSO) national database and included data from 13,857 students in 187 first-semester college physics courses. Findings showed differences in student gains across gender and race. Large gender differences existed for White and Hispanic students but not for Asian, Black, and Pacific Islander students. The models predicted larger gains for students in collaborative learning than in lecture-based courses. The Equity of Individuality operationalization indicated that collaborative instruction improved equity because all groups learned more with collaborative learning. The Equality of Learning operationalization indicated that collaborative instruction did not improve equity because differences between groups were unaffected. We discuss the implications of these mixed findings and identify areas for future research using critical quantitative perspectives in education research.