Students' perceived learning in physical education (PE) is an important yet neglected area of research. Increased knowledge about students' perceived learning can provide teachers with useful information to promote meaningful learning experiences in PE. Moreover, perceived learning can potentially be an alternative measurement to school grades when analyzing equality of outcome. Given that gender and migration background are associated with equality issues in PE, these groups are of particular focus in this study. With this background, the aim of this paper is threefold: (a) to explore students' perceived learning in PE in Sweden, (b) to analyze what perceptions of PE are most prominent, and (c) present a way to quantitatively illustrate how perceptions about PE vary across gender and migration background. The analysis was based on a question about students' perceived learning and was conducted in two steps. First, the students' answers were categorized using qualitative content analysis. The analysis shows that the perceived learning in PE can be categorized into the following categories: 'Physical doing', 'Emotional experiences', 'Health', 'Do not learn', 'Outdoor Education' and 'Social interaction'. Second, by quantitatively illustrate all answers in relation to the six categories, the result showed that the category of 'Physical doing' (36%) was the most prominent, and thereafter, in descending order are the categories of 'Emotional experiences' (22%), 'Health' (18%), 'Do not learn' (10%), 'Outdoor Education' (10%) and 'Social interaction' (4%). The results also showed that regardless of gender and migration background, students have somewhat similar perceptions of what they learn in PE. In this study we: (i) present a categorization of students' perceived learning in PE, (ii) show that physical doing is a prominent aspect in students answers, lastly (iii) by quantitatively illustrate students' perceived learning in PE, this study also suggest an alternative measurement to analyze equality in PE.