The female typically lays two to five eggs that are a bit smaller than chicken eggs. Eggs range in color from creamy pink to reddish-brown. The female usually lays an egg every other day and does not begin incubation until she has laid the last egg. Young falcon pairs may have only two eggs after their first mating. In following years they will probably produce three or four eggs after mating. Peregrines have been known to lay as many as seven eggs, but given the demands of providing food for each hungry chick and the rigors of hunting, three to four eggs is a more usual clutch size.

Incubation lasts from 33 to 36 days, counting from the day the last egg was laid. An adult is on the eggs almost constantly, though the eggs may remain uncovered for several hours without harming the developing chicks. Because of her larger size the female does most of the incubating while the male hunts for enough food to feed them both. For short times during the day the female flies off to hunt, and the male takes his turn on the eggs. Males seem to like the chore, and females have been seen chasing their mates off the eggs when they return and decide to resume incubating. As hatching time nears, the female seems unwilling to leave the nest, even to give the male his turn at incubating. After the eggs hatch, the female joins in the hunting.

An eyas, the term for a baby falcon, spends two days or so "pipping" at its shell with a sharp egg tooth on its beak. The eyas weighs about 1.5 ounces and looks like a tiny snowball with a large bill and oversized feet. Its eyes stay closed for at least a couple of days. The chicks wobble about and occasionally preen their fluffy down with their bills. Feathers will replace the down in three to five weeks. The chicks will be just about full-grown in six weeks.