Is she holding a baby? (spoilers)

i doubt she would have time to get pregnant, have a baby, get pregnant again in order to announce it in the course of the movie.

She is pregnant with bodyguard Jeffers (Taye Diggs) baby, ending the film on a very sour note. Her not wanting to birth a child on her own is the reason they paid Robin to carry it using Francesca's eggs. As the plot unravels we find out the egg didn't take, but Robin is then impregnated by Dr.Painter (perhaps through in vitro or consensual sex) so that she will birth a baby and get her one million dollars. Then Robin gets kidnapped and everyone involved try and get the ransom money on their own, which leads to all of them except Joe Sarno (James Caan) dying.

All this mayhem only because Francesca didn't want to deal with pregnancy, and then she ends up pregnant anyway through her infidelity (with a man who is shot dead through the throat in the last third of the film!).

Every character besides the baby is guilty of immoral, selfish and murderous behaviour. It truly is a messed up drama if you don't let yourself get distracted by the action scenes.

Whose baby she (may be) holding depends on whether Sarno spilled the beans to Chiddick about whose baby Robin had.

I first thought you were asking if ROBIN was holding a (real) baby. It was totally silent & unmoving, so I wondered if it was a placebo because the MD bungled the birth, similar to whatever happened in Baltimore.

I agree that Francesca would have been impregnated by Jeffers. Chiddick would be in for a surprise!