AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in February 2026 (see full year).

Return flights

01 Feb - 08 Feb	KLM
01 Feb - 09 Feb	KLM
02 Feb - 09 Feb	KLM
23 Feb - 08 Mar	Avianca
25 Feb - 11 Mar	Avianca
19 Feb - 09 Mar	Avianca
23 Feb - 14 Mar	Avianca
19 Feb - 08 Mar	Avianca
26 Feb - 15 Mar	Avianca
18 Feb - 07 Mar	Avianca
28 Feb - 21 Mar	Avianca
26 Feb - 07 Mar	Avianca
28 Feb - 10 Mar	Avianca
09 Feb - 18 Feb	Iberia	direct
09 Feb - 25 Feb	Iberia	direct
09 Feb - 23 Feb	KLM
04 Feb - 23 Feb	Air France
11 Feb - 15 Feb	KLM
01 Feb - 18 Feb	KLM
09 Feb - 21 Feb	Iberia	direct

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

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 February from 602€

Return flights