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

Return flights

03 Feb - 16 Feb	Air France
09 Feb - 18 Feb	Air Europa	direct
02 Feb - 16 Feb	Air Europa	direct
04 Feb - 15 Feb	KLM
03 Feb - 13 Feb	Air Europa	direct
22 Feb - 28 Feb	Avianca
10 Feb - 22 Feb	Avianca
02 Feb - 27 Feb	Air Europa	direct
10 Feb - 22 Feb	Air Europa	direct
02 Feb - 18 Feb	Air Europa	direct
23 Feb - 05 Mar	Air Europa	direct
10 Feb - 03 Mar	Avianca
20 Feb - 25 Mar	Air Europa	direct
20 Feb - 26 Mar	Air Europa	direct
06 Feb - 08 Mar	Copa
21 Feb - 26 Mar	Avianca
28 Feb - 16 Mar	Iberia	direct
06 Feb - 08 Mar	Air Europa	direct
22 Feb - 12 Mar	Air France
23 Feb - 13 Mar	Iberia

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 $688

Return flights