Cash flow from financing activities does NOT typically include which of the following?

Cash flow from financing activities primarily involves transactions that affect a company's capital structure. This includes activities such as issuing or repaying debt, paying dividends, and buying back shares. Capital expenditures, on the other hand, relate to a company's investments in long-term assets like property, plant, or equipment aimed at improving or maintaining operations. These expenditures are classified under cash flow from investing activities rather than financing activities.

This classification is crucial because it allows investors and analysts to distinguish between funding activities that alter the capital structure of the company and those that invest in the long-term operational capacity. Therefore, understanding that capital expenditures are not part of financing activities, but rather investing activities, is key to accurate financial analysis and modeling.