Hewlett-Packard (HPQ) has decided to resume its share buyback program, the Palo Alto tech giant said today in a press release. HPQ had suspended its share repurchase program while the company was talking merger plans with data storage company EMC (EMC). The HPQ-EMC merger plans fell through yesterday, according to a Reuters report.

Shareholders aren’t complaining, and HPQ stock opened higher on Wednesday despite the broader markets sluggishness. It’s nice to know that some cash — potentially a lot of cash — will be boomeranging its way back to investors:

“HP remains committed to its fiscal 2014 and fiscal 2015 capital allocation strategy of returning at least 50 percent of free cash flow to shareholders through dividends and share repurchases and intends to make up for the fiscal 2014 shortfall over the remainder of fiscal 2014 and 2015.”

I don’t blame Wall Street for bidding HPQ stock higher at market open today: Hewlett-Packard expects free cash flow to be between $6.5 billion and $7 billion in fiscal 2015 alone. If the company plans on returning half of that money to shareholders, buybacks and dividend payments of at least $3.25 can be expected on the basis of FY2015 alone.

Hewlett-Packard investors have a lot to keep track of nowadays.

HPQ is splitting itself into two different companies, in a move announced just last week. One business will incorporate the PC and printer business, while another will focus only on enterprise hardware and services. At the time the news broke, InvestorPlace‘s James Brumley was bullish on the prospects for the split, comparing it to the wise 2004 move by IBM (IBM) to sell its PC division to Lenovo. Brumley outlines the main reason splitting different divisions into different companies can be a good idea:

“The key is focus. Dissimilar business units can — and often do — lead to internal company conflict as each unit battles for the most of the company’s attention and resources. That battle can be so distracting that none of the organization can truly thrive.”

Although HPQ stock has lost about 8% since news of the HPQ split-up hit the wires, I think the stock’s better days are ahead of it. Not only can shareholders look forward to 50% of free cash flows returning to their pockets, but the impending split at Hewlett-Packard could create value as well.

As of this writing John Divine held no positions in any of the stocks mentioned. You can follow him on Twitter at @divinebizkid.