| This study was conducted to determine the most fitted source of funding to finance capital expenditures before and after the Covid-19 pandemic, both financial and non-financially constrained firms. The factors examined in this study are cash flow from operating and investing activities, profitability, short-term debt growth, and long-term debt growth. The population for this study is food & beverage companies listed on Indonesia Stock Exchange. This study uses panel data from 2018-2021. The results of this study concluded that short-term debt growth has a significant effect on the capital expenditures of financially constrained firms. While on the other hand, cash flow from operating activities and long-term debt growth have a significant effect on the capital expenditures of non-financially constrained firm |