Fourth-Quarter and

Full-Year 2005

Performance Review

Jim McNerney

Chairman, President and Chief Executive Officer

James Bell

Chief Financial Officer

February 1, 2006

Exhibit 99.2

2

Significantly improved financial results

Generated a record $7.0 billion of operating cash flow

Grew total backlog 33 percent to a record $202 billion

Raised dividend 20% and repurchased 45 million shares

Invested in key growth areas (787, 747-8, FCS, MMA)

Operating in healthy core markets

Driving sustained growth and productivity through new company-

wide initiatives

Raising EPS guidance for 2006, followed by strong growth in 2007

2005 Summary

Solid results…

strong growth ahead

3

2005 Financial Results

$3.5B

$2.30

3.8%

2.0B

$52.5B

2004

1.3 Pts

5.1%

Operating Margin

100%

$7.0B

Operating Cash Flow

39%

$3.20

Earnings per Share

40%

$2.8B

Operating Income

5%

$54.8B

Revenues

Change

2005

Strong earnings growth…

outstanding cash flow

4

13.3

14.2

$0

$5

$10

$15

2004Q4

2005Q4

$0.23

$0.58

$0.00

$0.25

$0.50

$0.75

2004Q4

2005Q4

Fourth-Quarter Revenue and Earnings

Revenue, Billions

Earnings per Share

Fourth-quarter earnings more than doubled

$0.55 after

special items

$0.74 after

special items

5

Commercial Airplanes

Continued focus on growth and margin expansion

747-8 Program

Launched

$5.9

$5.4

(2.8%)

5.6%

$0

$2

$4

$6

2004Q4

2005Q4

-5%

0%

5%

10%

Revenues & Operating Margins

Billions

Strong performance…

growth ramping up

–

Delivered 290 airplanes in 2005…

73 in fourth quarter

–

Airplane deliveries growing more than 35% in 2006

Won a record 1,029 gross orders in 2005…

388 in fourth quarter

–

Backlog up 89% this year to $124 billion

787 program made excellent progress

–

291 firm orders and 88 additional commitments to

date from 27 customers

–

Completed firm configuration

Launched new programs

–

777 Freighter

–

737-900ER

–

747-8 Passenger and Freighter

–

767-300 Boeing Converted Freighter

Delivered first 747-400 BCF

to Cathay Pacific

6

Record operating performance in 2005

-

Record revenues, earnings and margins

-

Industry-leading margins and backlog

Continued success on contract wins

-

F-15 Singapore contract award

-

F/A-18E/F FIRST contract extension

-

Army Chinook order

Excellent progress on development

programs

-

GMD flight test

-

FCS System of Systems Functional Review

-

P-8A (MMA) Preliminary Design Review

-

V-22 granted approval for full-rate production

Integrated Defense Systems

Moderating market . . . focused on execution

$7.6

$8.1

8.9%

11.4%

$0

$3

$6

$9

2004Q4

2005Q4

0%

5%

10%

15%

Revenues & Operating Margins

Billions

F-15

7

Other Businesses

Boeing Capital Corporation

–

Environment continues to improve…

aircraft financing market strengthening

–

Pre-tax income grew 27% in 2005

–

Paid cash dividends totaling more than $1 billion to

Boeing since 2004

–

Maintaining conservative financial position

Connexion by Boeing

SM

–

Commercial service operating on

110 aircraft with more than 180 daily flights

–

Total orders and options from 11 airlines

for

approximately

500

aircraft;

definitizing

contracts

with two maritime customers for > 150 vessels

BCC and Connexion on track

8

Generated a record $7.0 billion in operating cash flow after pensions

Cash Flow

Pension Plans Strengthened

–

In 2005

–

Pension asset returns ~ 15%

–

Cash contributions totaled $1.9 billion

–

Funded status improved to 96%

–

In 2006

–

Expected rate of return remains 8.5%

–

Discount rate reduced to 5.5%

–

Pension expense likely to be ~ $1.0 billion

–

Required cash contributions < $50 million

2.3

(1.2)

3.5

(4.4)

3.0

3.0

1.9

2004

5.5

(1.5)

7.0

(1.9)

3.0

3.3

2.6

2005

Depreciation/non-cash

Free cash flow*

Capital Expenditures

Operating cash flow

Pension Contributions

Working Capital

Net Earnings

$ Billions

*Non-GAAP

measure.

Definitions,

reconciliations,

and

further

disclosures

regarding

these

non-GAAP

measures

are

provided

in

the

company’s

earnings

press

release

dated

February

1,

2006.

9

Cash and Debt Balances

Outstanding balance sheet strength and liquidity

3.0

2.9

5.4

3.2

$0

$3

$6

$9

2004

2005

4.4

5.2

6.3

7.0

$0

$3

$6

$9

2004

2005

Billions

Billions

Boeing

debt

BCC debt

S&P:

A

Moody’s:

A3 *

Fitch:

A+

S&P:

A

Moody’s:

A3 *

Fitch:

A+

Cash

Marketable

Securities

*

Moody’s announced on January 25, 2006

that it may upgrade Boeing’s credit rating.

10

Operating Cash Flow ²

Earnings per Share

Revenues ¹

>$5.5B

>$5.5B

$4.10 -

$4.30

$3.25 -

$3.45

$63.5B -

$64.5B

~ $60B

2007

2006

Forecasting solid growth

Financial Guidance

1

2006 revenue outlook is nearly $2B below prior estimate due solely to a previously disclosed

accounting change at Boeing Commercial Airplanes.

2

Includes

$0.5

billion

in

expected

pension-plan

contributions

in

2006

and

in

2007.

11

Boeing’s Management Model

Financial

Objectives

Growth

Productivity

Financial

Performance

Stock

Price

Performance

to Plan

Move Toward

World-Class:

Margins,

Earnings,

Cash

CHARTS THE COURSE

LIVES BOEING VALUES

Attaining

World-Class

Growth

and

Productivity:

•

Committed, performance-driven management

•

Maximize learning across the enterprise and from outside

•

Adapt and apply learnings

in clearly defined businesses

Initiative Tool Kit

Customer

Satisfaction

Competitiveness

Economic

Profit

Stakeholders

Employees

Customers

Shareholders

Communities

Employee

Accountability

SETS HIGH EXPECTATIONS

FINDS A WAY

12

Initiative

Sponsor

Internal Services Productivity

James Bell

Global Sourcing

Jim Albaugh

Lean +

Alan Mulally

Development Process Excellence

Jim Jamieson

Teams are up and running…

Growth and Productivity Initiatives

13

Boeing Leadership Model

Define It

Model It

Teach It

•

Leadership attributes

•

Performance

•

Values

•

Across the Enterprise

•

In all we do

•

Action/Words

•

Every day

•

Leaders Leading

Leaders

•

Boeing Leadership Center

•

Candor/Openness

•

Leaders Teaching Leaders

•

Step Function

Impact

•

Reinforce in HR processes

Growth / Productivity

Expect It / Measure It / Reward It

Better Leaders Make Better Companies

14

Businesses are well positioned in healthy markets

Forecasting strong growth in 2006 and 2007

Focused

on

growth

and

productivity

initiatives…

driving

performance to new levels

Embarking on major leadership development journey

Delivering value to customers and shareholders

Looking Ahead

15

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

16

Certain

statements

in

this

report

may

constitute

“forward-looking”

statements

within

the

meaning

of

the

Private

Litigation

Reform

Act

of

1995.

Words

such

as

“expects,”

“intends,”

“plans,”

“projects,”

“believes,”

“estimates,”

and

similar

expressions

are

used

to

identify

these

forward-looking

statements.

These

statements

are

not

guarantees

of

future

performance

and

involve

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict.

Forward-looking

statements

are

based

upon

assumptions

as

to

future

events

that

may

not

prove

to

be

accurate.

Actual

outcomes

and

results

may

differ

materially

from

what

is

expressed

or

forecasted

in

these

forward-looking

statements.

As

a

result,

these

statements

speak

only

as

of

the

date

they

were

made

and

we

undertake

no

obligation

to

publicly

update

or

revise

any

forward-looking

statements,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

Our

actual

results

and

future

trends

may

differ

materially

depending

on

a

variety

of

factors,

including

the

continued

operation,

viability

and

growth

of

major

airline

customers

and

non-airline

customers

(such

as

the

U.S.

Government);

adverse

developments

in

the

value

of

collateral

securing

customer

and

other

financings;

the

occurrence

of

any

significant

collective

bargaining

labor

dispute;

our

successful

execution

of

internal

performance

plans

including

our

company-wide

growth

and

productivity

initiatives,

production

rate

increases

and

decreases

(including

any

reduction

in

or

termination

of

an

aircraft

product),

acquisition

and

divestiture

plans,

and

other

cost-reduction

and

productivity

efforts;

charges

from

any

future

SFAS

No.

142

review;

an

adverse

development

in

rating

agency

credit

ratings

or

assessments;

the

actual

outcomes

of

certain

pending

sales

campaigns

and

the

launch

of

the

787

program

and

U.S.

and

foreign

government

procurement

activities,

including

the

uncertainty

associated

with

the

procurement

of

tankers

by

the

U.S.

Department

of

Defense

(DoD)

and

funding

of

the

C-17

program;

the

cyclical

nature

of

some

of

our

businesses;

unanticipated

financial

market

changes

which

may

impact

pension

plan

assumptions;

domestic

and

international

competition

in

the

defense,

space

and

commercial

areas;

continued

integration

of

acquired

businesses;

performance

issues

with

key

suppliers,

subcontractors

and

customers;

significant

disruption

to

air

travel

worldwide

(including

future

terrorist

attacks);

global

trade

policies;

worldwide

political

stability;

domestic

and

international

economic

conditions;

price

escalation;

the

outcome

of

political

and

legal

processes,

changing

priorities

or

reductions

in

the

U.S.

Government

or

foreign

government

defense

and

space

budgets;

termination

of

government

or

commercial

contracts

due

to

unilateral

government

or

customer

action

or

failure

to

perform;

legal,

financial

and

governmental

risks

related

to

international

transactions;

legal

and

investigatory

proceedings;

tax

settlements

with

the

IRS

and

various

states;

U.S.

Air

Force

review

of

previously

awarded

contracts;

and

other

economic,

political

and

technological

risks

and

uncertainties.

Additional

information

regarding

these

factors

is

contained

in

our

SEC

filings,

including,

without

limitation,

our

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2004

and

Quarterly

Reports

on

Form

10-Q

for

the

quarters

ended

March

31,

2005,

June

30,

2005

and

September

30,

2005.

Forward-Looking Information is Subject to

Risk and Uncertainty