Do complex life histories affect the conditions under which competitors can coexist? We investigated this using a two-species, two-stage Ricker model. With complex life cycles, the competition coefficients associated with each life-history stage suggest one of three competitive outcomes-coexistence, alternate stable states, or competitive exclusion-that depend on the relative magnitudes of intraspecific and interspecific competition. When the two stages suggest the same outcome, only that outcome can occur. When the stages suggest different outcomes, either one may prevail. It is also possible to have emergent outcomes, in which the outcome is not suggested by either stage. This can occur when the two stages suggest competitive exclusion by opposite species or when one stage suggests alternate stable states and the other suggests coexistence. Therefore, determining the mechanisms of coexistence in species with complex life histories may require consideration of competitive interactions within all life-history stages.