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

Return flights

05 Feb - 19 Feb	Avianca
16 Feb - 23 Feb	Avianca
11 Feb - 22 Feb	Avianca
09 Feb - 10 Feb	Avianca
11 Feb - 21 Feb	Avianca
10 Feb - 17 Feb	Avianca
03 Feb - 24 Feb	Avianca
09 Feb - 16 Feb	Avianca
13 Feb - 24 Feb	Avianca
11 Feb - 16 Feb	Avianca
03 Feb - 16 Mar	Avianca
23 Feb - 14 Mar	Avianca
12 Feb - 14 Mar	Avianca
26 Feb - 15 Mar	Avianca
19 Feb - 08 Mar	Air Europa	direct
27 Feb - 10 Mar	Air Europa	direct
16 Feb - 09 Mar	Air Europa	direct
22 Feb - 08 Mar	Air Europa	direct
16 Feb - 08 Mar	Air Europa	direct
23 Feb - 04 Mar	Avianca

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 505€

Return flights