No Way Out (2006) was the eighth annual No Way Out professional PPV and was presented by Subway. It took place on February 19, 2006 at 1st Mariner Arena in Baltimore, Maryland and was a SmackDown! brand-exclusive event.

The main event saw Kurt Angle defend his World Heavyweight Championship against The Undertaker. One of the predominant matches on the card was Randy Orton versus Rey Mysterio for Mysterio's world championship match at WrestleMania 22. Another primary match on the undercard was Booker T versus Chris Benoit for the WWE United States Championship.