A process for upgrading a hydrocarbon feedstock containing waxy components and having an end boiling point exceeding 650.degree. F., which includes contacting the feedstock at superatmospheric hydrogen partial pressure with an isomerization dewaxing catalyst that includes ZSM-48 and contacting the feedstock with a hydrocracking catalyst to produce an upgraded product with a reduced wax content. Each catalyst is present in an amount sufficient to reduce the cloud point and the pour point of the feedstock at a conversion of greater than about 10%, and an overall distillate yield of greater than about 10% results from the process.