Cheap flights from Panama City to Madrid from $578

The month of February is, on average, the cheapest month to fly to Madrid from Panama City, with most prices found around $730. If you don’t want to visit Madrid in February, then you should wait until October to fly from Panama City, when ticket prices are also cheap, with an average price of $752.

The cheapest day to depart on your flight to Madrid is on a Thursday when prices can be found for as low as $868. This is often the case because there is less demand to fly during this day of the week. Be sure to avoid booking your departure on a Saturday as prices are generally higher than usual. According to our data, the average ticket price to Madrid on Saturday is $993.

Flying to Madrid from Panama City in the afternoon is the least expensive time of day to depart. momondo users have found prices as low as $883 when looking at flights departing in the afternoon. Flights to Madrid are more costly in the evening, with an average ticket price of $910. Departure times in the evening fall within the peak daily travel times, which is why tickets can be more expensive.

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

You are more likely to see cheaper flights to Madrid from Panama City when booking weeks ahead of your departure date. In general, you can expect to find flights to Madrid for around $823 when searching weeks out. However, flight prices might be lower outside of this timeframe. For example, people recently found flights to Madrid from Panama City for as low as $757 on momondo.

You could potentially save up to 31% on your flight if you consider stops on a Panama City to Madrid flight.

As of May 2026, prices for Panama City to Madrid flights are approximately 17% more expensive when compared to flights at the same time last year.

Air Europa, Copa Airlines, and Air France are the most popular carriers operating from Panama City Tocumen Intl to Madrid Barajas

Air Europa, Iberia and Avianca are the top three most popular airlines that fly to Madrid from Panama City according to our data. Air Europa is the first choice among our users, with 54% of people opting to fly with this airline when traveling to Madrid. Keep in mind that there are 8 different airlines that fly to Madrid on a routine basis, so you have a few additional options to choose from.

Historically, on average around 12% of flights between Panama City and Madrid have experienced a delay on any given week. The average delay length over the past 12 months has been 147 minutes.

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

Sunday 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, Air Europa have had the least number of delays on this route over the last 12 months; with about 11% of their flights experiencing any sort of delay.

Bogotá (BOG) was the most common stop: 72% of momondo users choosing 1-stop flights on this route connected there.

Flights via Paris (CDG) offer the lowest average round-trip price of $697.

Flights connecting via Bogotá (BOG) have the shortest average one-way travel time: 13h 39m.

Paris (CDG) has the shortest average layover time for this route: 1h 35m.

As of May 2026, there are 7 flights per day flying from Panama City to Madrid. The most common time of day flights depart is 8:00PM, with 100% of flights taking off in the evening.

55 flights are operational weekly from Panama City to Madrid as of May 2026. The most popular departure day for this route is Fri, with 25% of flights per week taking off on this day.