Abstract. We give a new combinatorial interpretation of the stationary distribution of the (partially) asymmetric exclusion process on a finite number of sites in terms of decorated alternative trees and colored permutations. The corresponding expressions of the multivariate partition functions are then related to multivariate generalizations of Eulerian polynomials for colored permutations considered recently by N. Williams and the third author, and others. We also discuss stability-and negative dependence properties satisfied by the partition functions.