This article is concerned with how to analyse photographs produced during research on sexualities and schooling. Photo-diaries and photo-elicitation were employed in an examination of the sexual cultures of two New Zealand secondary schools. This visual methodology sought to disclose spatial and embodied dimensions of sexualities at school while centring and valuing students' perspectives. In an attempt to answer the question "what does this photograph "really" mean", the author experiments with a series of analytical accounts conceptualised as "realist", "interpretivist", "performative" and "materialist" approaches. These readings are interrogated for their political and ontological effects. On the basis of the project's aims of taking young people's perspectives seriously and foregrounding material reality, an argument for a "materialist" reading is made. (Contains 4 figures.)