The aim of this paper was to explore Lazarus's two-factor schematization of losses and gains and the emotions generated in response to loss (threat and harm) and gain (challenge and benefit) relational meanings. Participants were 10 professional rugby union players aged between 24 and 35 years (M age ¼ 26.8 years, SD ¼ 5.92). The results revealed that at different times, the same stressor had different relational meanings. For instance, opponent, coach, playing an important match, and injury stressors were appraised as losses and gains. Furthermore, stressful loss relational meanings generated pre-dominantly negative emotions, whereas gain relational meanings generated mainly positive emotions. However, anxiety was the second most reported emotion generated in response to gain relational meanings. This finding suggests that not all gain relational meanings generate positively toned emotions.