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

Return flights

04 Feb - 10 Feb	KLM
01 Feb - 11 Feb	KLM
09 Feb - 17 Feb	KLM
06 Feb - 17 Feb	KLM
02 Feb - 16 Feb	Iberia	direct
09 Feb - 18 Feb	Iberia	direct
23 Feb - 02 Mar	Iberia	direct
16 Feb - 02 Mar	Iberia	direct
04 Feb - 23 Feb	KLM
06 Feb - 16 Feb	United
01 Feb - 21 Feb	United
12 Feb - 22 Feb	United
27 Feb - 08 Mar	United
25 Feb - 02 Mar	United
27 Feb - 08 Mar	Air Europa	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 495€

Return flights