AirHint found the following cheapest return flights from Panama City (PTY) to Managua (MGA) in December 2025 (see full year).

Return flights

25 Dec - 20 Jan	Copa
25 Dec - 22 Jan	Copa
25 Dec - 23 Jan	Copa
26 Dec - 20 Jan	Copa
04 Dec - 07 Dec	Copa	direct
29 Dec - 17 Jan	Copa
04 Dec - 05 Jan	Copa
24 Dec - 26 Jan	Copa
15 Dec - 14 Jan	Copa
26 Dec - 07 Jan	Copa
24 Dec - 28 Dec	Copa	direct
14 Dec - 08 Jan	Copa
01 Dec - 10 Dec	Avianca
01 Dec - 02 Dec	Copa
01 Dec - 01 Dec	Copa
03 Dec - 10 Dec	Copa
18 Dec - 23 Dec	Avianca
16 Dec - 30 Dec	Avianca
06 Dec - 13 Dec	Avianca
20 Dec - 22 Dec	Copa	direct

Also check the deals for one-way flights from Panama City to Managua in December.

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 Managua in December from $399

Return flights