Traditional theories of sarcasm treat it as a case of speakers meaning the opposite of what they say. Recently, ‘expressivists’ have argued that sarcasm is not a type of speaker meaning at all, but merely the expression of a dissociative attitude toward an evoked thought or perspective. I argue that we should analyze sarcasm in terms of meaning inversion, as the traditional theory does; but that we need to construe ‘meaning’ more broadly, to include illocutionary force and evaluative attitudes. I distinguish four subclasses of sarcasm, individuated in terms of the target of inversion. Two of these classes interact with conventionally-encoded, compositional meaning in a way that raises radical challenges for a standard implicature analysis.