AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in August 2025 (see full year).

Return flights

31 Aug - 21 Sep	Air France
30 Aug - 06 Sep	United
30 Aug - 25 Sep	KLM
30 Aug - 25 Sep	Air Europa	direct
31 Aug - 25 Sep	Air Europa	direct
30 Aug - 10 Sep	KLM
26 Aug - 03 Sep	United
29 Aug - 14 Sep	Air Europa
31 Aug - 13 Sep	Air Europa
25 Aug - 31 Aug	KLM
22 Aug - 04 Sep	Air France
23 Aug - 31 Aug	KLM
21 Aug - 31 Aug	KLM
21 Aug - 25 Aug	KLM
26 Aug - 30 Aug	Air Europa
19 Aug - 24 Aug	KLM
26 Aug - 31 Aug	Air Europa
22 Aug - 31 Aug	Air Europa
20 Aug - 28 Aug	KLM
21 Aug - 28 Aug	KLM

Also check the deals for one-way flights from Madrid to Panama City in August.

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 August from $696

Return flights