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

Return flights

15 Feb - 22 Feb	Avianca
02 Feb - 16 Feb	Avianca
06 Feb - 21 Feb	Avianca
13 Feb - 20 Feb	Avianca
03 Feb - 21 Feb	Avianca
04 Feb - 24 Feb	Avianca
03 Feb - 23 Feb	Avianca
04 Feb - 23 Feb	Avianca
05 Feb - 23 Feb	Avianca
05 Feb - 24 Feb	Avianca
21 Feb - 08 Mar	Avianca
15 Feb - 01 Mar	Avianca
13 Feb - 06 Mar	Avianca
20 Feb - 01 Mar	Avianca
13 Feb - 06 Mar	Air Europa	direct
20 Feb - 01 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 561€

Return flights