Cheap flights from Madrid to Panama City from $355

In general, May is the cheapest month to fly from Madrid to Panama City. Due to it being the ‘off-season’ during this time, you can expect flight prices to be around $730. If you’re not able to fly to Panama City in May, then April is your next best option. Flight prices from Madrid to Panama City during April average around $739.

Our data shows that Wednesday is the least expensive day to fly to Panama City. Tickets to fly out on this day can be as low as $758. If your travel schedule is flexible, try to avoid departing on a Friday because tickets tend to average around $1,149. These prices are subject to change though, so be sure to set up a Price Alert for flights to Panama City.

Our most recent data shows that the best time of day to fly to Panama City is in the afternoon. Flights from Madrid to Panama City during this time can be as low as $978. Try not to purchase tickets in the morning because they tend to be around $1,030. Of course, these prices can vary depending on the time of year and what airport you fly to.

Fly from Madrid Barajas to Panama City Tocumen Intl for the best Madrid Barajas - Panama City Tocumen Intl flight prices

You are more likely to see cheaper flights to Panama City from Madrid when booking weeks ahead of your departure date. In general, you can expect to find flights to Panama City for around $844 when searching weeks out. However, flight prices might be lower outside of this timeframe. For example, people recently found flights to Panama City from Madrid for as low as $768 on momondo.

You could potentially save up to 30% on your flight if you consider stops on a Madrid to Panama City flight.

As of April 2026, prices for Madrid to Panama City flights are approximately 28% cheaper when compared to flights at the same time last year.

Avianca and Iberia are the most popular carriers operating from Madrid Barajas to Panama City Tocumen Intl

Air Europa, Iberia and Avianca are the top three most popular airlines that fly to Panama City from Madrid according to our data. Air Europa is the first choice among our users, with 52% of people opting to fly with this airline when traveling to Panama City. Keep in mind that there are 3 different airlines that fly to Panama City on a routine basis, so you have a few additional options to choose from.

Historically, on average around 25% of flights between Madrid and Panama City have experienced a delay on any given week. The average delay length over the past 12 months has been 133 minutes.

Generally, flights departing in the early afternoon tend to experience fewer delays. Flights in the evening have, in the past, seen delays more frequently in comparison.

Monday is statistically the day of the week which experiences the fewest number of delays on this flight route. Friday has historically seen more delays on average compared to the rest of the week.

According to our data, Iberia have had the least number of delays on this route over the last 12 months; with about 24% of their flights experiencing any sort of delay.

The number of flights available between Madrid and Panama City is 4 per day as of April 2026. The most frequent departure time is 3:00PM, with 100% of daily flights leaving in the afternoon.

31 flights are operational weekly from Madrid to Panama City as of April 2026. The most popular departure day for this route is Mon, with 29% of flights per week taking off on this day.