We are arriving in Madrid at 9:35am on Tuesday Dec 15 and departing for Lisbon at 2:20pm. Assuming our flight arrives on time, is there something to do at the airport? Or should we plan to step outside for a quick look at Madrid? We would have 2 hrs for touring and transfers into Madrid.
Boy, that would be a really quick, superficial look at Madrid if you ventured outside the airport. We are often in a similar situation with flight transfers in London, and unless we're looking at a layover of more than 6 hours, scrambling to do some worthwhile activity outside of the airport hasn't been worth considering.
If you left the airport, you'd have to deal with any carry-on baggage you're bringing, then get into Madrid, then get back to the airport, then go thru security . . .
Barajas Airport is set up so you can't avoid shopping opportunities. You may not be required to purchase, but you will pass thru merchandise displays, so looking around could kill some time. Have a great Portugal trip!
You might have 2 hours free to roam, but it takes at least 30 minutes just to get downtown from the airport. So that only leaves you an hour to walk around at most. Unfortunately you have a layover that is too long to just hang out at the airport but too short to do anything else. Bring a good book and/or have a nice meal there.
And these two hours (11am to 1pm) are too early for lunch in Spain.
The extensive Park Juan Carlos I is close to the airport (reached by metro) if you want to stretch your legs.
If you MUST get out of the airport, you can take the airport express shuttle and get off at the Cibeles stop. NOTE: The pickup point is NOT the same as where you get off...be sure to know where it is so that you can find it. The bus runs every one half hour or so. Cost is five euros. It is a short block walk to Park Retiro from Cibeles, and lots of side walk cafes line the way. It would be a hurried journey, and be worried about the return as well in time for clearing the airport security, etc. I would elect to stay in the airport and be safe time wise.