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

Return flights

16 Feb - 14 Mar	Avianca
12 Feb - 24 Feb	Avianca
27 Feb - 15 Mar	Avianca
27 Feb - 22 Mar	Avianca
10 Feb - 21 Feb	Avianca
09 Feb - 02 Mar	Avianca
22 Feb - 12 Mar	Avianca
22 Feb - 12 Mar	Air Europa	direct
27 Feb - 15 Mar	Air Europa	direct
27 Feb - 22 Mar	Air Europa	direct
12 Feb - 24 Feb	Air Europa	direct

Also check the deals for one-way flights from Panama City to Madrid 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 Panama City to Madrid in February from 611€

Return flights