‘Pragmaticist’ positions posit a three‐way division within utterance content between: (i) the standing meaning of the sentence, (ii) a somewhat pragmatically enhanced meaning which captures what the speaker explicitly conveys (following Sperber and Wilson, I label this the ‘explicature’), and (iii) further indirectly conveyed propositions which the speaker merely implies. Here I re‐examine the notion of an explicature, asking how it is defined and what work explicatures are supposed to do. I argue that explicatures get defined in three different ways and that these distinct definitions can and do pull apart. Thus the notion of an explicature turns out to be ill‐defined.