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

Return flights

09 Feb - 11 Mar	Avianca
23 Feb - 14 Mar	Avianca
28 Feb - 14 Mar	Avianca
09 Feb - 25 Feb	Avianca
25 Feb - 18 Mar	Air Europa	direct
24 Feb - 17 Mar	Air Europa	direct
25 Feb - 19 Mar	Air Europa	direct
01 Feb - 09 Feb	KLM
02 Feb - 09 Feb	KLM
05 Feb - 15 Feb	Avianca
05 Feb - 19 Feb	Avianca
16 Feb - 02 Mar	Avianca
16 Feb - 09 Mar	Avianca
23 Feb - 16 Mar	Avianca
24 Feb - 16 Mar	Avianca
01 Feb - 08 Feb	KLM
09 Feb - 18 Feb	Iberia	direct
16 Feb - 28 Feb	KLM
05 Feb - 16 Feb	Avianca
17 Feb - 19 Feb	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 $692

Return flights