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

Return flights

03 Feb - 10 Feb	KLM
01 Feb - 10 Feb	Air France
02 Feb - 10 Feb	Air France
02 Feb - 16 Feb	Air France
02 Feb - 16 Feb	Iberia	direct
16 Feb - 23 Feb	Iberia	direct
01 Feb - 09 Feb	Air France
14 Feb - 24 Feb	KLM
02 Feb - 17 Feb	Air France
08 Feb - 06 Mar	Air Europa	direct
10 Feb - 05 Mar	Air Europa	direct
11 Feb - 06 Mar	Air Europa	direct
03 Feb - 22 Feb	Air Europa	direct
28 Feb - 11 Mar	KLM
28 Feb - 09 Mar	KLM
21 Feb - 02 Mar	Iberia	direct
17 Feb - 01 Mar	Air Europa	direct
28 Feb - 15 Mar	Air Europa	direct
26 Feb - 15 Mar	Air Europa	direct
20 Feb - 20 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 $694

Return flights