In this article, we discuss how co-research – two researchers working together at each stage of the research process – can be used to analyse narratives created from qualitative interviews (drawing on Brown and Gilligan’s Listening Guide). We argue that co-research affords a richness and depth of analysis and propagates multiple, layered interpretations through a process of co-reflection. To illustrate our approach, we present an analysis of two case studies from the ‘From Adversity to University’ project, a longitudinal qualitative study evaluating the effectiveness of a bridging module as a way into higher education for students who have been affected by homelessness in England. We co-reflect on how our participants, our relationship with our participants and our relationship with each other as researchers has changed over time. We conclude that a co-researcher approach to analysing narratives is textually and emotionally enriching, as the co-constructed multiple interpretations transform not just the analysis of the text but also the relationship between researchers and their participants in new and unexpected ways.