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

Return flights

02 Feb - 16 Feb	Air France
21 Feb - 02 Mar	Avianca
22 Feb - 07 Mar	Avianca
21 Feb - 08 Mar	Avianca
08 Feb - 01 Mar	Avianca
18 Feb - 28 Feb	Iberia	direct
16 Feb - 23 Feb	Iberia	direct
02 Feb - 16 Feb	Iberia	direct
09 Feb - 24 Feb	KLM
04 Feb - 12 Feb	Air France
12 Feb - 20 Feb	Avianca
13 Feb - 21 Feb	Avianca
06 Feb - 21 Feb	Avianca
13 Feb - 20 Feb	Avianca
26 Feb - 08 Mar	Avianca
27 Feb - 07 Mar	Avianca
27 Feb - 08 Mar	Avianca
22 Feb - 08 Mar	Avianca
24 Feb - 02 Mar	Avianca
25 Feb - 03 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.

Book a cheap hotel in Panama City

Cheap car rent in Panama City

Cheapest return flights from Madrid to Panama City in February from $695

Return flights