AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in December 2025 (see full year).

Return flights

15 Dec - 31 Jan	American Airlines
06 Dec - 15 Dec	American Airlines
29 Dec - 30 Dec	Air Europa	direct
14 Dec - 24 Dec	Iberia
14 Dec - 24 Jan	Iberia
15 Dec - 29 Dec	Iberia
09 Dec - 31 Dec	Iberia
11 Dec - 20 Jan	United
08 Dec - 12 Dec	American Airlines
05 Dec - 13 Dec	American Airlines
04 Dec - 21 Jan	Iberia
16 Dec - 29 Dec	Iberia
24 Dec - 26 Jan	United
04 Dec - 07 Dec	Delta
10 Dec - 25 Jan	Air Europa
04 Dec - 13 Jan	Delta
31 Dec - 14 Jan	Iberia	direct
12 Dec - 16 Dec	United
13 Dec - 12 Jan	American Airlines
05 Dec - 25 Jan	TAP

Also check the deals for one-way flights from Madrid to Panama City in December.

The deals are updated regularly. The prices may go up as tickets are purchased by other travellers. Only the cheapest flights are offered. Select a price to book and secure these cheap prices.

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Cheapest return flights from Madrid to Panama City in December from 783€

Return flights