Cola-Cola delivered earnings of 53 cents per share, excluding certain items, which was inline with the average Wall Street analyst's expectations. Its revenue, however, was shy of consensus.
"I'm tired of hearing about bad execution. The halo of this company has to be ripped off. Enough," Cramer said on "Squawk on the Street." "There should be no halo here. This is not a well-run company."
Indeed, it seems the soft drink maker is facing several headwinds.
Coke's case volume came in shy of some estimates. If consumers are tired of sugary drinks, though, Coke should "come up with something else," Cramer said.
The company also warned of currency headwinds impacting its profits, which Cramer chalked up as just another excuse.
"I just am tired of excuses," Cramer said, noting that rival PepsiCo operates in the same environment and yet it's performed far better than Coke.
"PepsiCo has 12 percent year-to-date growth. PepsiCo has guided up twice. Where's the big macro headwinds at PepsiCo?" Cramer said, adding, "I wish Nelson Peltz would go after Coca-Cola," referring to the activist investor who has loudly criticized PepsiCo's management.
Read MoreNelson Peltz has Pepsi wrong: Cramer
Still, it was not all bad news for Coke. It also announced a "streamlining" program, which could bring up to $3 billion in annual savings by 2019.
DISCLOSURE: When this story was published, Cramer's charitable trust did not own Coca-Cola or PepsiCo.